Davos (Switzerland), NFAPost: India’s leading renewable energy firm ReNew Power would invest a whopping Rs 50,000 crore in Karnataka over the next 7 years to set up production units in renewable energy, battery storage and green hydrogen across the southern state.
“The Haryana-based green energy major signed an agreement with the state government on the margins of the annual World Economic Forum (WEF) meet at Davos in Switzerland on Tuesday.
Karnataka Chief Minister Basavaraj Bommai, state Industries Minister Murgesh Nirani and top officials of the state were present on the occasion.
“The proposed investment by ReNew is a milestone in the renewable energy sector in our progressive state,” said Bommai in a statement at the event.
In the first phase, the company will invest Rs 11,900 crore in its projects, which are under implantation in the state to commence them in the next 2 years.
“In the second phase, the green company will invest Rs 37,500 crore to set up renewable energy and green hydrogen units in the state over the next 5 years,” said Bommai.
The ambitious projects are expected to create jobs for about 30,000 jobs when completed in 2 phases over a 7-year period.
As the largest green energy firm by operational capacity, the Gurugram-headquartered company generates 12 GW of power through its plants in the country.
Founded in early 2011 by Suman Sinha, the listed firm has executed about 120 wind, solar and hydro power projects in 9 states across the country.
The company became the first renewable energy generator in the country and 10th worldwide in installed capacity.
In fiscal 2019-20, the company contributed 1 per cent of the total electricity generated across the country and helped mitigate 0.5 per cent of the carbon emitted in a year.
In a related development, Bommai met teleco major Bharti Enterprises Chief Executive Sunil Bharti Mittal at the 5-day global event in the Alpine ski-resort town and expressed interest in setting up a mega data centre in the state.
The Chief Minister also held talks with Johnson Controls chief executive George Oliver on investment opportunities in Karnataka.
Besides Nirani, state IT-BT Minister C Nq Ashwath Narayan, Additional Chief Secretary in the Industries department E V Ramana Reddy, chief minister’s Principal Secretary N Manjunath and state Industries Commissioner Gunjan Krishna were present.
“The Chief Minister also held talks with steel making behemoth Arcelor Mittal Company chairman Lakshmi Mittal in the state pavilion,” added the statement.
