New Delhi: Essar Renewables on Wednesday said it has inked an initial pact with the Maharashtra government to develop 2GW of renewable energy projects entailing an investment of Rs 8,000 crore.
This investment is expected to generate direct employment for over 2,000 individuals, contributing to the state's transition to green energy and economic growth, a company statement said.
According to the statement, Essar Renewables Ltd has signed a Memorandum of Understanding (MoU) with the government of Maharashtra at the World Economic Forum (WEF) in Davos. The MoU paves the way for Essar Renewables’ proposed investment in the state, with plans to develop 2 GW of renewable energy capacity for its green mobility initiative.
"This collaboration represents a crucial milestone in our renewable energy projects and also establishes us as a formidable player in the sector," Essar Renewables CEO Ankur Kumar said.
Under the terms of the agreement, Essar Renewables will invest approximately Rs 8,000 crore in a mix of round-the-clock renewable energy projects, primarily aimed at supporting the Electric Vehicle truck charging ecosystem of Blue Energy Motors and Greenline.
The proposed projects are slated to commence in the fiscal year 2026-27.
"As we navigate the global energy transition, this partnership with the Government of Maharashtra is a critical step in reshaping the future of sustainable energy for green mobility. With our investment in renewable energy and green mobility solutions, we are driving the state's growth while positioning India as a global leader in the green economy," Prashant Ruia, Director, Essar, added.
The partnership aligns with Essar Renewables' ambitious goal of surpassing 8 GW of renewable energy capacity over the next five years.
Essar Renewables is at the forefront of India's green energy transition, specialising in solar, wind, and battery energy storage systems.
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