Renew Power to invest 13k cr in AP

Renew Power to invest 13k cr in AP
Highlights

ReNew Power, a clean energy company, signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Government for a proposed investment of Rs 13,000 crore in renewable energy projects in the State.

Hyderabad: ReNew Power, a clean energy company, signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Government for a proposed investment of Rs 13,000 crore in renewable energy projects in the State.

The agreement was signed at the ‘CII Partnership Summit’, a three-day investment summit held in Vishakhapatnam.
The MoU envisages the development of 1,000 MW of installed capacity for solar power and another 1,000 MW of wind over the next five years by ReNew Power.

The projects, put together, have the potential to create direct employment for 4,000 people and indirect employment for 6,000 people, while providing access to clean energy, in the State.

“Andhra Pradesh has proven, time and again that it is one of the most desirable destinations for investment in renewable energy. We already have more than 300 MW of installed green energy capacity in AP.

With this proposed investment, we want to further enhance our support to the state in meeting its energy requirements in a more sustainable way and also create thousands of jobs,” said Sumant Sinha, CEO, ReNew Power.

The proposed investment also reinforces ReNew Power’s commitment towards supporting India’s national aim of achieving 175 GW of renewable capacity by 2022.

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