Essar Renewables lines up Rs 8,000 crore green push in Maharashtra

NEW DELHI: Essar Renewables Ltd (ERL) has signed an MoU with the Maharashtra government envisaging an investment of Rs 8,000 crore in a mix of projects in the state, including developing 2 GW (gigawatts) of renewable energy capacity for its green mobility initiative.

The MoU was signed at the WEF (World Economic Forum) in Davos, Switzerland, the company said in a statement on Wednesday, adding the partnership with the state aligns with Essar Renewables goal of surpassing 8 GW of renewable energy capacity over the next five years.

The proposed investment will be in a mix of round-the-clock renewable energy projects, primarily aimed at supporting the EV (electric vehicle) truck charging ecosystem of the group’s Blue Energy Motors and Greenline.

The projects envisaged in the MoU are slated to commence in the 2026-27 financial year. The investment is expected to generate direct employment for over 2,000 individuals, contributing to the state’s transition to green energy and economic growth.

“We are excited to embark on this transformative journey with the government of Maharashtra. This collaboration represents a crucial milestone in our renewable energy projects and also establish us a formidable player in the sector,” the statement quoted company CEO Ankur Kumar as saying.

“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,” the statement quoted Essar director Prashant Ruia as saying.