New Delhi-based, NYSE-listed renewables developer Azure Power Global Limited has signed an Expression of Interest (EoI) with the Government of Karnataka to develop solar, wind, and hybrid renewable energy projects aggregating to 1.7 GW capacity in the state. The total investment commitment is INR 13,300 crore.
Azure Power owns and operates close to 2.9 GW of renewable energy assets across India and has a significant presence in the state of Karnataka.
Commenting on the announcement, Pawan Kumar Agrawal, chief financial officer of Azure Power, said, “The state has been at the forefront of clean energy adoption and has one of the highest installed renewable energy capacity in the country. This EoI strengthens our commitment to developing high-performing grid-scale renewable energy assets in the state and contributing to India’s decarbonization journey.”
The National Institute of Solar Energy estimates the State of Karnataka has a 24.7 GWp of solar potential. As of March 2022, the State had an installed RE capacity of 15.5 GW, with solar accounting for 7.6 GW, wind 5.1 GW and the rest in hydro, co-gen, bio-mass and municipal solid waste. The State met 18.75% of its annual power consumption with solar energy during the year 2020-21.
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