Renew Power Signs MoU with Maharashtra Govt for Rs 14K Cr Investment

As per reports, a Memorandum of Understanding (MoU) was signed at the three-day investment summit "Magnetic Maharashtra: Convergence 2018" held in the financial capital of the country.

In a significant development, Indian renewable energy company ReNew Power has said it has signed a pact with the Government of Maharashtra to facilitate a proposed investment of Rs 14,000 crore in the state for commissioning renewable energy projects.

As per reports, a Memorandum of Understanding (MoU) was signed at the three-day investment summit "Magnetic Maharashtra: Convergence 2018" held in the financial capital of the country. The proposed investment is expected to create direct employment for more than 7,000 people.

As per the MoU, in the next five years, ReNew Power Ventures proposes will invest in three major categories a solar power (Rs 6,000 crore), wind power (Rs 6,000 crore) and waste to energy (Rs 2,000 crore).

It is pertinent to mention that Renew, which is competing neck and neck with Tata Power Renewable Energy to be the biggest renewable energy company in the country, has around 2500 MW of commissioned wind and solar energy assets, with another 1000 MW under construction or development