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 Climate Change

Renewable Energy
Published on: May 25, 2022, 3:48 p.m.
ReNew strikes a deal at Davos
  • The MoU was signed between Sinha and Reddy in the presence of chief minister Bommai

By Business India Editorial

Over the next seven years, Delhi-based ReNew Power will invest Rs50,000 crore in solar, wind and hybrid projects, battery storage and green hydrogen plant in Karnataka.

Sumant Sinha,  Chairman , ReNew Power on Tuesday signed an MoU with Karnataka’s Additional Chief Secretary (Industries) EV Ramana Reddy at the World Economic Forum at Davos in the presence of Chief Minister Basavaraj Bommai. 

The project, according to the MoU, will create about 30,000 jobs.

In the first phase, Renew Power will be investing Rs11,900 crore on the ongoing projects in the state, and they would be operationalised in the next two years, and in the second phase the company plans to invest Rs37,500 crore to set up Renewable Energy and Green Hydrogen units over the next five years.

The chief minister termed it as a milestone in the renewable energy sector of Karnataka. ReNew Power has implemented over 120 wind, solar and hydro power projects spread over nine states of the country. The company is generating about 12 Gigawatts of power through its plants in the country and has a strong presence in Karnataka.

Bommai also met Adani Group founder Gautam Adani and Pranav Adani. The group had recently expressed interest to invest about Rs 50,000 crore in Karnataka.

At the World Economic Forum Annual Meeting 2022 in Davos, ReNew Power on Tuesday announced that it has signed an MoU also with the Maharashtra government to invest Rs 50,000 crore ($6 billion) in the state with a power generating capacity of up to 12,000 Megawatts.

 


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