Renewable energy firm ReNew Power has signed a Memorandum of Understanding (MoU) with the Karnataka government to invest ₹50,000 crore over the next seven years.
The investment is expected to generate 30,000 jobs in the state. The company intends to set up production units in renewable energy, battery storage, and green hydrogen in two phases.
In the first phase, ₹11,900 crore would be spent in the state’s ongoing projects, which will be operationalized over the next two years. Later, over the next five years, the company intends to invest ₹37,500 crore in renewable energy and green hydrogen facilities.
The deal was signed by EV Ramana Reddy, Additional Chief Secretary, Department of Industries and Commerce, and Sumant Sinha, Chairman, ReNew Power at the World Economic Forum Summit in Davos in the presence of Chief Minister Basavaraj Bommai. Bommai has termed the deal as, “a significant milestone in the state’s renewable journey,” in his tweet.
On the second day at the Karnataka pavilion at Davos, Bommai held more talks to bring in investments to the State. He met with Sunil Bharti Mittal, Chairperson, Bharti Enterprises. Mittal has has shown interest to set up a Mega Data Centre in the State.