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Renew Power, a renewable energy company, signed a Memorandum of Understanding with the Karnataka government. Chief Minister, Basavaraj Bommai was present at the World Economic Forum in Davos. The MoU aims to invest Rs. 50,000 crore over the next seven-years.
Bommai met with several industry leaders from different countries on the second day of his WEF visit.
ReNew Power plans to establish production units in Renewable Energy, Battery Storage and Green Hydrogen according to a statement from the Chief Minister’s Office. This could create employment opportunities for up to 30,000 people.
It stated that the company will set up production units in the next 7 year in two phases. The first phase would invest Rs 11,900 crore on ongoing State projects and would be operationalized in the next 2 Years. The second phase would see the company investing Rs 37,500 crore to establish Renewable Energy, Battery Storage and Green Hydrogen units in the next 5 years.
The Chief Minister termed it as a milestone in the renewable energy sector of Karnataka.
Renew Power has completed over 120 Wind, Solar, and Hydro Power projects in nine states across the country. The company generates approximately 12 GW through its plants across the country, and is a strong presence here in Karnataka.
Murugesh Nirani (Industry Minister), who expressed happiness at meeting Adani, said in a tweet that Adani had recently expressed interest in Karnataka to invest almost Rs 50,000 crore which will boost the economy as well as create jobs.