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

ReNew Power intends to set up production units in Renewable Energy, Battery Storage and Green Hydrogen with potential to create employment opportunities for 30,000 people, the CMO said

Renewable energy firm ReNew Power on Tuesday signed a Memorandum of Understanding (MoU) with the Karnataka government in the presence of Chief Minister Basavaraj Bommai at the World Economic Forum meet in Davos, to invest Rs 50,000 crore in the state over the next seven years.

On the second day of his visit to the WEF meet in the Swiss ski resort town, Bommai today held a series of meetings with industry captains from various countries.

ReNew Power intends to set up production units in Renewable Energy, Battery Storage and Green Hydrogen with potential to create employment opportunities for 30,000 people, the Chief Minister's office said in a statement.

Stating that the company intends to set up production units over the next 7 years in two phases, it said, in the first phase Rs 11,900 crore would be invested on the ongoing projects in the State and they would be operationalised in the next 2 years, and 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 Chief Minister termed it as a milestone in the renewable energy sector of Karnataka.

ReNew Power has implemented over 120 Wind, Solar and Hydro Power projects spread over nine states of the country. The company is generating about 12 Gigawatts of power through its plants in the country and has a strong presence in Karnataka.

During the day, Bommai met Chairman and CEO of Bharti Enterprises Sunil Bharti Mittal.

Mittal has expressed keen interest to set up a 'Mega Data Centre' in the State, and the Chief Minister has assured all the support from the state government to make it a reality, the release said.

Gautam Adani, Chairman of Adani Group, also called on Bommai and discussed investment opportunities in Karnataka.

Industries Minister Murugesh Nirani, IT, BT Minister C N Ashwath Narayan, Additional Chief Secretary in the Department of Industries E V Ramana Reddy, CM's Principal Secretary N Manjunath and Commissioner in the department of Industries Gunjan Krishna were present at these meetings.

Nirani expressing happiness about meeting with Adani, in a tweet said, "The Adani Group had recently expressed interest to invest nearly Rs 50,000 crore in Karnataka which will boost the economy and create jobs." The Chief Minister also held talks with George Oliver, the CEO of Johnson Controls, IBM Chairman and Chief Executive Officer Arvind Krishna, Honeywell International Inc Vice President of Government Relations Amy Chiang on investment opportunities in Karnataka.

Industry Minister Nirani also shared information about the meeting with Volvo.

"Volvo is known for their quality and precision engineering globally, among many other positive attributes. It was wonderful to dine with the CEO of Volvo, Mr. Martin Lundsedt today and understand how their drive for quality and precision has made them one of the most revered companies," he said in a tweet.