Essar Renewables signs agreement to invest Rs 8,000 cr in Maharashtra

Company will invest in renewable energy capacity for state's green mobility initiative

Essar Renewables Ltd (ERL) has signed an agreement with the Maharashtra government to invest Rs 8,000 crore in renewable energy projects in the state.

 

ERL, the Essar Group’s green energy venture, will develop 2 gigawatts (GW) of renewable energy capacity in the state, according to a memorandum of understanding (MoU) signed at the World Economic Forum 2025 in Davos, Switzerland.

 

The company will invest in a mix of round-the-clock renewable energy projects supporting the electric vehicle truck charging ecosystem of Blue Energy Motors and Greenline. The proposed Maharashtra government projects are set to commence in Financial Year 2026-27.

 

“We are excited to embark on this transformative journey with the government of Maharashtra. This collaboration represents a crucial milestone in our renewable energy projects and also establishes us as a formidable player in the sector,” said Ankur Kumar, chief executive officer of ERL, in a company statement.

 

Prashant Ruia, director of Essar Group, said: “As we navigate the global energy transition, this partnership with the Government of Maharashtra is a critical step in reshaping the future of sustainable energy for green mobility. With our investment in renewable energy and green mobility solutions, we are driving the state’s growth while positioning India as a global leader in the green economy.”

 

The investment is expected to generate direct employment for more than 2,000 people, said ERL. The company believes the partnership will assist its goal of surpassing 8 GW of renewable energy capacity in five years.

 

The MoU was signed in the presence of Chief Minister Devendra Fadnavis, Industries Minister Uday Samant, and Ruia.