Davos Casts A Spell, ReNew Power Signs Another MoU With Karnataka

Davos seems to be working like a magnet to all stakeholders in renewable energy from across India. MoU after MoU have been signed here on the sidelines of World Economic Forum. Soon after signing an MoU with Maharashtra a couple of days ago, ReNew Power on May 25, signed another 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, Chief Minister Bommai went into a huddle with the corporate honchos 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. During the day, Bommai also 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 Mittal of all the support from the state government to make it a reality, the release added.

For Karnataka, one of the leaders in the renewable energy space in terms of capacity and share of energy mix, the commitments make sense, now that the state is pushing out again for fresh renewable capacity and opportunities.

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The Industry Minister 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.

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

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