At WEF, ReNew Power signs MoU to invest Rs 50,000 cr in 7 years in Karnataka

Nasdaq-listed ReNew Power on Tuesday inked an agreement with the state government to invest Rs 50,000 crore over a 7-year period on energy projects in Karnataka.

The memorandum of understanding was signed on the sidelines of the World Economic Forum summit at Davos in the presence of Chief Minister Basavaraj Bommai. It was signed between Additional Chief Secretary (Commerce & Industry) EV Ramana Reddy and ReNew Power chairman and CEO Sumant Sinha.

The company will set up renewable energy projects - solar, wind and hybrid - along with battery storage and green energy plants in the state.

In the first phase, ReNew Power will invest Rs 11,900 crore on its ongoing projects in the state that will be operationalised in two years. In the second phase, the company plans to invest Rs 37,500 crore to set up renewable energy and green hydrogen units over the next five years.

In a statement, Bommai said this deal is “a milestone in the renewable energy sector of Karnataka”. These projects will create 30,000 jobs, he added.

The chief minister’s office said ReNew Power is India’s biggest company in the renewable energy space with wind, solar and hydropower projects spread over nine states. “The company is generating about 12 gigawatts of power through its plants in the country. It has a strong presence in Karnataka,” the statement said.

Earlier in the day, Bommai met Bharti Enterprises chairman and CEO Sunil Bharti Mittal, who expressed keen interest to set up a mega data centre in Karnataka, according to the statement.

The CM also held talks with billionaire industrialist Gautam Adani (Adani Group), Johnson Controls CEO George Oliver, Honeywell vice-president Amy Chiang and others on investment opportunities in the state.