ReNew Clarifies Commitment to Nagpur Renewable Energy Project
New Delhi [India], September 19: ReNew, a leading renewable energy company, has clarified that recent news reports about abandoning its proposed project in Nagpur are misleading. The reports claimed that ReNew was moving its investment to Dholera in Gujarat due to high power tariffs and inconclusive discussions with government officials.
ReNew stated that these reports are factually incorrect and irresponsible. The company is committed to investing in Maharashtra, particularly in the upstream value chain of solar manufacturing. ReNew is not investing in similar projects in Gujarat or any other state.
ReNew is one of the largest renewable energy companies in Maharashtra, with an installed capacity of 550 MW and an additional 2000 MW under construction. The company aims to install 2000 MW by 2025-26, with investments totaling Rs 15,000 crore. ReNew is also considering setting up green hydrogen manufacturing capacities and pumped hydro storage in the state, projects that could create around 30,000 jobs.
ReNew supplies 550 MW of power to Maharashtra Discom MSEDCL at a competitive rate and plays a significant role in enhancing clean energy in the state. The company’s existing and committed investments in Maharashtra are close to Rs 100,000 crores.
ReNew deeply values its relationship with Maharashtra and is a committed partner in the state’s clean growth. As of August 15, 2024, ReNew has a contracted portfolio of 15.6 GW. The company provides end-to-end solutions in clean energy, digitalization, storage, and carbon markets, addressing climate change in a just and inclusive manner.
Doubts Revealed
ReNew -: ReNew is a company that makes energy from natural sources like the sun and wind, instead of using coal or oil.
Nagpur -: Nagpur is a big city in the state of Maharashtra, India. It’s known for its oranges and is also called the ‘Orange City’.
Renewable energy -: Renewable energy comes from sources that don’t run out, like sunlight, wind, and water.
High power tariffs -: High power tariffs mean that the cost of electricity is very high.
Maharashtra -: Maharashtra is a state in western India. Its capital is Mumbai, which is the financial hub of India.
2000 MW -: 2000 MW (megawatts) is a measure of how much electricity can be produced. It’s a lot of power, enough to light up many homes.
Green hydrogen -: Green hydrogen is a clean fuel made using renewable energy. It can be used to power cars and factories without causing pollution.
Pumped hydro storage -: Pumped hydro storage is a way to store energy by moving water between two reservoirs at different heights. It helps save energy for later use.
Contracted portfolio -: A contracted portfolio is a list of projects that a company has agreed to work on. For ReNew, it means all the renewable energy projects they are involved in.
15.6 GW -: 15.6 GW (gigawatts) is a huge amount of electricity. One gigawatt can power about 100 million LED bulbs.
Clean energy sector -: The clean energy sector includes all the businesses and activities that produce energy without polluting the environment.