ReNew Power to Invest Rs 8k cr in UP to Set Up 1,200 MW Renewable Capacity

The move will create 12,000 jobs in the state, including direct employment for 5,500 people and indirect employment for 6,500 people, to facilitate development of 1200 MW of renewable energy installed capacity in the state.

ReNew Power Ventures has signed a Memorandum of Understanding (MOU) with the Uttar Pradesh (UP) government to invest Rs 8,000 crore for 1,200 MW of renewable energy capacity.

The move will create 12,000 jobs in the state, including direct employment for 5,500 people and indirect employment for 6,500 people, to facilitate development of 1200 MW of renewable energy installed capacity in the state.

As per the company statement, an investment of Rs 8,000 crore is proposed to start these projects which are slated to help the state meet its energy needs.

The agreement was signed in the presence of Uttar Pradesh Chief Minister Yogi Adityanath.

The company’s proposal to develop 1,000 MW of installed capacity for solar power projects along side another 200 MW for waste-to-energy projects is in line with the India’s goal to provide access to energy for all through clean energy.

Commenting on the investment, ReNew Power, CEO, Sumant Sinha said in the statement, there is a significant potential for generating solar power in the state. Technology, entrepreneurship and innovation has ensured that the cost of solar power is on the declining trend as compared to the cost of fossil fuel-based electricity. Therefore, solar and other renewable energy investments are critical in helping the states to achieve their energy targets.

Source: PTI