L&T Expands Portfolio with Renewable Energy Unit

2 Sep 2024 , 12:32 PM

Larsen & Toubro (L&T) has launched a new business vertical focused on Renewable Engineering, Procurement, and Construction (EPC), distinct from its Power Transmission & Distribution arm within the Infrastructure Projects sector. This strategic step, starting September 1, comes as the global trend towards renewable energy gains traction, fuelled by the demand for decarbonised electricity to tackle climate change.

The Renewable EPC business sector was created to provide management visibility and ensure the smooth integration of resources and capabilities. A. Ravindran, Senior Vice President at Larsen & Toubro, will manage this new business unit.

“The transition to clean energy has accelerated in recent years, with decarbonised electricity playing a major role in the fight against climate change. “Rapid technological development in renewable generation has facilitated this trend,” L&T stated in a press statement.

The renewable energy sector, particularly solar and wind, has experienced tremendous technological breakthroughs, leading to its growing percentage of the global energy mix, the business said.

In India, the push for renewable energy is gaining pace as the country seeks to boost its reliance on non-fossil fuel-based electricity. Initiatives like the Green Energy Corridors and other capacity-building schemes demonstrate India’s commitment to renewable growth, which is also considered as a means of producing green jobs and contributing to global climate justice.

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