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ReNew Power signs MoU to invest ₹50,000 cr in 7 years in Karnataka

Karnataka government has entered into an agreement with renewable energy firm ReNew Power, wherein the company will be expanding and establishing solar, wind, green hydrogen and renewable energy plants in Karnataka.

The company will be investing 50,000 crore in seven years, creating around 30,000 jobs. The agreement was signed on the sidelines of the World Economic Forum (WEF) meeting in Swiss ski resort town.

Karnataka chief minister Bommai today held a series of meetings with industry captains from various countries.

In the first phase, Renew Power will be investing 11,900 crore on the ongoing projects in the state and they would be operationalised in the next 2 years, and in the second phase the company plans to invest 37,500 crore to set up Renewable Energy and Green Hydrogen units over the next 5 years.

The Chief Minister termed it as a milestone in the renewable energy sector of Karnataka. ReNew Power has implemented over 120 Wind, Solar and Hydro Power projects spread over nine states of the country. The company is generating about 12 Gigawatts of power through its plants in the country and has a strong presence in Karnataka.

During the day, Bommai also met Chairman and CEO of Bharti Enterprises Sunil Bharti Mittal.

“Discussed with Sunil Bharti Mittal how the nation and Karnataka specifically have evolved during the IT era and the importance of information at the finger tips of every citizen. Bharti Enterprises’ Airtel has spearheaded massive growth in the telecom space,” the state Industry Minister Murugesh Nirani tweeted.

Billionaire Gautam Adani has also met Bommai and held discussions on the investment opportunities in the state.

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