With four fresh MoUs, ReNew ‘renews’ its long-standing ties to AP

Visakhapatnam: In four separate memoranda of understanding signed on Thursday with the Andhra Pradesh Economic Development Board in the presence of Chief Minister of Andhra Pradesh Nara Chandrababu Naidu and IT, Electronics and Communications, RTG and HRD Nara Lokesh, ReNew Energy Global Plc, a leading decarbonisation solutions company, announced that it will invest Rs.60,000 crore in AP to set up multiple green energy projects, taking its total fresh investment to Rs.82,000 crore.

Already, the company has committed Rs.22,000 crore to the state in May to set up one of India’s largest hybrid renewable energy projects in AP and shared its plans to invest in establishing a 6-GW PV ingot-wafer plant, a 2-GW pumped hydro project, a 300-KTPA green ammonia facility and 5-GW of hybrid projects, including wind–solar and solar–BESS initiatives.

Sharing his views on the development, Chief Minister N. Chandrababu Naidu, said, “Andhra Pradesh is committed to emerging as a national leader in renewable energy and partners like ReNew play a key role in taking the vision way forward. ReNew’s continued investments reinforce the confidence that global industry leaders have in the state’s policies, infrastructure and talent. This collaboration will accelerate clean energy deployment, attract high-quality jobs, and contribute to sustainable and inclusive growth for the people of the state in a meaningful way.” Speaking about the company’s future plans, Founder, Chairman and CEO of ReNew Sumant Sinha, said, “ReNew has a long-standing presence in Andhra Pradesh and with this expansion, we are bringing a fully integrated clean energy value chain to the state, from wafer to large-scale renewable projects and storage deployment. These initiatives will strengthen domestic supply chains and create high-quality skilled jobs. We appreciate the leadership and clear policy direction of the government of Andhra Pradesh which makes the state a natural partner in accelerating India’s energy transition and sustainable economic growth.”

Back in May, ReNew had announced an investment of Rs.22,000 crore to set up one of India’s largest hybrid renewable energy projects in Anantapur district. With a generation capacity of around 2.8-GW, including 1.8-GWp solar and 1-GW wind and a battery energy storage system (BESS) of 2-GWh, this will be one of the largest renewable energy projects at a single location in India. ReNew already has an operating portfolio of 717-MW of operational wind capacity and 60-MW of solar capacity spread over 10 sites spread across Andhra Pradesh. The company is dedicated to promoting clean energy-led growth in the state and with the latest announcement, it will generate over 10,000 direct and indirect jobs as it works in tandem with the government of Andhra Pradesh towards achieving the state’s target of generating 78.5-GW of solar, 35-GW of wind power capacity and 25-GWh of battery energy storage.

In the meantime, the IT Minister took to social media to express delight over the investments drawn. “After five years out of Andhra Pradesh, it’s my proud privilege to announce that ReNew is placing an ‘all-in investment’ on the entire renewable energy value chain in AP. In an investment spanning Rs.82,000 crore, the company will be investing in the high technology areas of solar ingot, wafer manufacturing, down to project development and onwards to green hydrogen and molecules,” Lokesh posted.

A day before the MoUs were signed with the ReNew top brass, Lokesh sparked curiosity among denizens by posting, “A company that stopped new projects in 2019 is coming back to AP like a storm. Who is it? Big unveil!! Stay tuned!!’