Green energy majors to invest nearly Rs 19,000 crore in Uttar Pradesh

According to a senior govt official, the state is aligning with the overarching target of the Centre to achieve a 450 gigawatt (Gw) in renewable energy and 500 Gw in non-fossil energy capacity by 2030

Giving a major push to the Uttar Pradesh renewable energy road map, the private sector firms have proposed to invest nearly Rs 19,000 crore in the state green energy sector.

These include investment proposals of about Rs 13,000 crore and Rs 5,900 crore by Greenco and JSW Groups, respectively, in different renewable energy projects. It is for the first time that the UP government has received such mega investment proposals in the nascent domestic green energy space.

According to a senior government official, the state is aligning with the overarching target of the Centre to achieve a 450 gigawatt (Gw) in renewable energy and 500 Gw in non-fossil energy capacity by 2030. It is part of India’s commitment to meeting its international climate and green energy goals.

“The green energy universe will play a major role in reducing carbon emissions and curbing environmental pollution in future,” he noted.

Meanwhile, JSW representative Jyoti Prakash Panda said the company was investing in UP to contribute towards the state’s energy sector road map.

In the run up to the mega “UP Global Investor Summit 2023” next year, the Yogi Adityanath government is pulling all stops to woo the private sector companies in an array of sectors, including green energy.

The state is targetting to net Rs 10 trillion in fresh investment proposals from domestic and multinational companies (MNC) at the high ticket event in January 2023.

To build momentum for the Summit, the state has planned to organise roadshows in major countries, including the US, the UK, Canada, the UAE, Sweden, Singapore, the Netherlands, Israel, France, Germany, South Korea, and Australia.

Over the last six months, the state has claimed to have received total investment proposals worth Rs 45,000 crore from 55 private sector companies, including MNCs. These include the projects in the green energy sector.

For example, the Causis Group has proposed to invest Rs 6,000 crore in green mass transit projects, while Varun Beverages will pump in about Rs 3,600 in four different beverage projects.

Similarly, JK Paints and Keyaan Distilleries will invest Rs 600 crore and Rs 500 crore, respectively, in their projects.

The IT and electronics sector has garnered the maximum investment proposals of almost Rs 95,000 crore in the past five years. These include seven projects in the data centre space with a total investment profile of nearly Rs 20,000 crore. While five of the projects have been approved, two remaining are expected to get the state cabinet nod soon.