ReNew Power Ventures said it has inked a pact with the Uttar Pradesh government to invest Rs 8,000 crore for 1,200 MW of renewable energy capacity, a move which can create 12,000 jobs in the state.
ReNew Power has signed a Memorandum of Understanding (MOU) with the Government of Uttar Pradesh today to facilitate development of 1200 MW of renewable energy installed capacity in the state, a company statement said.
According to the statement, an investment of Rs 8,000 crore is proposed to commission these projects which are slated to help the state meet its energy needs. The MoU was signed as part of UP Investors Summit 2018, in the presence of Chief Minister of Uttar Pradesh Yogi Adityanath.
The company’s proposal to develop 1,000 MW of installed capacity for solar power projects alongside another 200 MW for waste-to-energy projects is in line with the India’s goal to provide access to energy for all through clean energy. These projects have the potential to create direct employment for 5,500 people and indirect employment for 6,500 people in the state.
Talking about the investment, Sumant Sinha, CEO, ReNew Power, said in the statement, “There is a significant potential for generating solar power in the state. Technology, entrepreneurship and innovation has ensured that the cost of solar power is on the declining trend as compared to the cost of fossil fuel-based electricity. Therefore, solar and other renewable energy investments are critical in helping the states to achieve their energy targets”.