Nasdaq-listed ReNew Power has signed an agreement with the state government of Karnataka to invest INR 50,000 crore ($6.5 billion) over a period of seven years.
The developer will invest in renewable energy (solar, wind, and hybrid), battery storage, and green hydrogen projects, which is expected to create 30,000 jobs in the state. The investment agreement was signed in the presence of Karnataka Chief Minister Basavaraj Bommai at the ongoing World Economic Forum meeting in Davos.
ReNew develops, builds, owns, and operates utility-scale wind energy, solar energy, and hydro projects. As of May 9, it had a 12.1 GW of renewable energy portfolio across India, including commissioned and committed projects.
The developer is now exploring new energy investments in states with high renewable energy potential. It has proposed to invest INR 18,000 crore to build a green hydrogen plant in Madhya Pradesh. The plant will have a production capacity of 50 kilotons per annum.
ReNew Power has also partnered with EPC contractor Larsen & Toubro to tap the emerging green hydrogen business in India. Under the partnership agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in the country.
In battery storage, ReNew Power is collaborating with Fluence, a German and US-owned energy storage major. The duo will form a 50:50 joint venture to cater to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India.
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