Pledges Of Rs 60,000 Crore For Renewable Energy In UP Investors Summit

Pledges Of Rs 60,000 Crore For Renewable Energy In UP  Investors Summit

A total of 42 MoUs, promising investment of around Rs 60,000 crore, were signed in the field of renewable energy, mainly solar power plants. The summit saw developers showing interest in solar energy given the huge potential in UP.

The biggest investors were Avaada Power Pvt Ltd, which signed an MoU of Rs 10,000 crore for solar projects of 1,600 MW and ReNew Power Ventures, which signed a Rs 8,000-crore MoU for 1,000 MW of solar energy and 200 MW of waste-to-energy projects.

Avaada’s projects, to come up in Mirzapur, Badaun and Gorakhpur, are expected to create about 3,700 employment opportunities and can power nearly 7 million households. Avaada Group chairman Vineet Mittal said, “We are geared up to support Uttar Pradesh’s mission of utilizing the potential of the sun to power its development needs sustainably. The state falls under high solar irradiation zone, which offers tremendous opportunities for expanding its clean energy portfolio.”

ReNew Power CEO Sumant Sinha said there was significant potential for generating solar power in UP, and with technology bringing down the cost of solar power, such investments were critical to meet he state’s power demand. He said the projects were expected to create employment for 5,500 people. Read More

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