Mumbai: Essar’s green arm, Essar Renewables Ltd (ERL), has signed a pact with the Maharashtra government under which it plans to develop 2 GW of renewable energy (RE) capacity in the state. “Essar Renewables Ltd (ERL), Essar’s venture into the green energy sector, has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra at the World Economic Forum (WEF) in Davos. The MoU paves the way for Essar Renewables’ proposed investment in the state, with plans to develop 2 GW of renewable energy capacity for its green mobility initiative,” said a statement on Wednesday.
Under the terms of the agreement, Essar Renewables will invest approximately Rs 8,000 crore in a mix of round-the-clock renewable energy projects, primarily aimed at supporting the Electric Vehicle truck charging ecosystem of Blue Energy Motors and Greenline. This investment is expected to generate direct employment for over 2,000 individuals, contributing to the state’s transition to green energy and economic growth, said the statement. The proposed projects are slated to commence in the fiscal year 2026-27.
Commenting on the partnership, Ankur Kumar, CEO, Essar Renewables said, “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.”
Prashant Ruia, Director, Essar, added, “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 partnership aligns with Essar Renewables’ ambitious goal of surpassing 8 GW of renewable energy capacity over the next five years, the statement added.