WEF: ReNew Power signs MoU to invest Rs 50,000 cr in Karnataka, Bommai says 'a new milestone'
May 25, 2022
Davos [Switzerland], May 25 : ReNew Power, a leading name in the renewable energy sector, signed a Memorandum of Understanding (MoU) with the Karnataka government in the presence of Chief Minister Basavaraj Bommai at the World Economic Forum meet, held at Davos to invest Rs 50,000 crore over the next seven years in the state.
Bommai termed the pact 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 seven years in two phases. In the first phase, Rs 11,900 crore would be invested in the ongoing projects in the state and they would be operationalised in the next two years", said Bommai.
"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 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 hydropower projects spread over nine 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.
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.
