Essar Renewables signs MoU with Maharashtra govt to develop 2GW clean energy projects

The capacity will be used for the company’s green mobility initiative, the company said in a statement.

Essar Renewables Ltd, a green energy unit of Essar, on January 22 has signed a memorandum of understanding (MoU) with the Maharashtra government at the World Economic Forum in Davos to set up a 2 GW of renewable energy capacity.

The company said it will invest approximately Rs 8,000 crore, which is likely to generate a direct employment for over 2,000 individuals, the company statement 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,” said Ankur Kumar, CEO, Essar Renewables.

The capacity will be used for the company’s green mobility initiative, the company said in a statement.

“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,” the statement said.

The proposed projects are expected to take shape in the fiscal year 2026-27.

Prashant Ruia, director, Essar, added, “As we navigate the global energy transition, this partnership with 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 statement further added that the agreement aligns with Essar Renewables' goal of surpassing 8 GW of renewable energy capacity over the next five years.