Renewable energy investment is set to surge as ReNew Energy Global (RNW.O) said Friday that it will invest 220 billion rupees ($2.57 billion) to establish a hybrid renewable energy project in the state of Andhra Pradesh in eastern India. The company hopes to capitalize on the nation’s growing demand for clean energy
According to the firm, the project would offer electricity for up to four hours a day during peak hours and add 2.8 gigawatts (GW) of energy total—1.8 GW from solar and 1 GW from wind.
With projects in eleven Indian states and a worldwide portfolio of 17.4 GW as of February 14, ReNew Energy is the largest renewable energy company in India after Adani Green (ADNA.NS).
After failing to reach its renewable energy objectives in 2022, India has been rushing to fulfill them again.
Renewable Energy Investment Set to Transform Andhra Pradesh
According to a Global Energy Monitor analysis, the nation has increased its investments in the sector over the last year, but in order to reach its goal of 500 GW of non-fossil power capacity by 2030, capacity additions must be doubled over the following five years. $85.5870 Indian rupees is equal to $1.
Manvi Pant reported from Bengaluru, and Savio D’Souza edited.
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