Vibrant Gujarat Summit: MoUs worth Rs 1 lakh crore signed in renewable energy

Gandhinagar: India's hopes of touching renewable power capacity of 225 gigawatts (GW) by March 2022 might get a boost. This is because memorandums of understanding (MoUs) with proposed investment of more than Rs 1 lakh crore have been signed by private and public sector companies at this year's Vibrant Gujarat Global Summit. In an investment worth Rs 30,000 crore, Adani Green Energy, a subsidiary of Indian trading firm Adani Enterprises Ltd, signed an agreement with Gujarat Energy Development Agency (GEDA) for building a hybrid park in Kutch.

Hybrid parks, in the same location, combine wind and solar installations to generate electricity.

Suzlon Energy proposes investments worth Rs 25,000 cr

Suzlon Energy Ltd, another leading player in this sector, proposed investments worth Rs 25,000 crore for setting up hybrid parks in Saurashtra and Kutch. Torrent Power Limited also inked an investment of Rs 5,235 crore in a renewable energy project and Rs 3,150 crore in building a distribution network in various locations.

SECI to invest in GPCL

Among others, state-controlled Solar Energy Corporation of India (SECI) committed to an investment with Gujarat Power Corporation Ltd (GPCL) for 1,000 MW offshore wind power projects worth Rs 15,000 crore. SECI signed a deal with Dholera Special Investment Region Development Authority (DSIR) and the state energy and petrochemicals department for procuring 4,000MW of power from the Dholera solar park, involving an investment of Rs 20,000 crore.

"The next five years will be the golden era for renewable energy in Gujarat. The government is in the process of developing hybrid parks of 30,000 MW in Kutch and will export this energy to other states," said state energy minister Saurabh Patel said on the last day of the summit.