ReNew Power signs MoU with Karnataka, to invest Rs 50,000 cr
A new milestone in Renewable Energy sector of Karnataka
Davos. May 24, 2022: ReNew Power, a leading name in renewable energy sector signed a Memorandum of Understanding(MoU) with the State government in the presence of Chief Minister Basavaraj Bommai at the World Economic Forum meet being held at Davos to invest Rs 50,000 cr.
The Chief Minister termed it as a milestone in the Renewable Energy sector of Karnataka.
The company intends to set up production units in Renewable Energy, Battery Storage and Green Hydrogen over the next 7 years in two phases.
In the first phase Rs11,900 cr would be invested on the ongoing projects in the State and they would be operationalised in the next 2 years.
In the second phase the company plans to invest Rs37,500 cr to set up Renewable Energy and Green Hydrogen units over the next 5 years. The projects spread over two phases would create employment opportunities for about 30,000 persons, Bommai said.
ReNew Power is the biggest company in the Renewable Energy sector of India and it has implemented over 120 Wind, Solar and Hydro Power projects spread over 9 States of the country. The company is generating about 12 Gigawatts of power through its plants in the country. It has a strong presence in Karnataka.
Mega Data Centre
Earlier in the day Chief Minister Bommai met Chairman and CEO of Bharti Enterprises Sunil Bharti Mittal. The latter has expressed keen interest to set up a Mega Data Centre in the State. Bommai assured all the support from the State government to make it a reality.
The Chief Minister also held talks with George Oliver, the CEO of Johnson Controls on investment opportunities in Karnataka.
Industries minister Murugesh Nirani, IT, BT minister CN Ashwathnarayan, Additional Chief Secretary in the department of Industries EV Ramana Reddy, CM’s Principal Secretary N Manjunath and Commissioner in the department of Industries Gunjan Krishna were present.