Published On:January 22 2025
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"Essar Renewable to Invest Rs. 8,000 Crore in Maharashtra Renewable Energy Projects"

"Essar Renewable to Invest Rs. 8,000 Crore in Maharashtra Renewable Energy Projects"

Essar Renewables, the green energy arm of the Essar Group, has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to invest ₹8000 crore in renewable energy projects. The agreement was finalized during the World Economic Forum (WEF) in Davos, underscoring Maharashtra’s commitment to sustainable development.

The initiative aims to develop 2 GW of renewable energy capacity to support the state’s green mobility ambitions. Essar Renewables plans to focus on round-the-clock renewable energy projects, primarily designed to bolster the electric vehicle (EV) truck charging ecosystem of Blue Energy Motors and Greenline.

The investment is projected to generate direct employment for over 2,000 individuals, contributing significantly to Maharashtra’s green energy transition and economic growth. The projects are scheduled to commence in the fiscal year 2026-27.

Blue Energy Motors, a key partner in Essar’s green mobility initiative, is a leader in clean-energy trucks. Separately, the company has signed an agreement with the Maharashtra government to invest ₹3,500 crore in establishing a truck manufacturing facility with an annual production capacity of 30,000 units.

“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,” said Prashant Ruia, Director, Essar.

This collaboration aligns with Essar Renewables’ ambitious target of surpassing 8 GW of renewable energy capacity within the next five years, reinforcing the company’s leadership in the clean energy sector.

HBL





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