Karnataka May Ink 9 EOIs To Fetch Rs. 61,000 Cr Investment in Renewable Energy Sector

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The State-owned Karnataka Renewable Energy Development Limited (KREDL) is expected to sign nine Expressions of Interest with as many investors. This is likely to boost the sector of renewable energy in Karnataka.

These EOIs are expected to attract investments of Rs. The EOIs, which are expected to fetch investments worth Rs. 61,000 crore, will be signed during the Windergy-2022 conference organised by the Indian Wind Turbine Makers Association (IWTMA), and PDA Trade fairs Pvt Ltd.

The new investments will result in an increase of renewable energy installed capacity by Karnataka to 9.2 GW. Officially, they are expected to create more than 12,000 indirect and direct employment opportunities. Renew Power, Tata Power and Torrent Power are some of the investors who are expected to sign EOIs.

KREDL recently proposed that Karnataka generate 10GW renewable energy. This is an increase from the 6GW currently available in the 2022-27 period. For the renewable additions, Karnataka’s main focus will be on solar and wind as well as hybrid and green hydrogen projects.

KREDL hopes that the new taluk-wise Wind Power Potential report in Karnataka will attract more investors to invest in the state, according to SG Kumar Naik, Additional Chief Secretary Energy Department.