MoUs worth Rs 1 lakh crore inked in renewable energy

GANDHINAGAR: In line with the state government’s aggressive push to the renewable energy, private and public sector companies too are betting big on the sector. This could be seen from the fact that memorandums of understanding (MoUs) with proposed investment of over Rs 1 lakh crore have been signed at the Vibrant Gujarat Global Summit 2019.
Adani Green Energy Limited, a part of Ahmedabad-based Adani group, inked an agreement with Gujarat Energy Development Agency (GEDA) for setting up a hybrid park in Kutch involving an investment of Rs 30,000 crore. Hybrid parks generate electricity from solar and wind installations at the same location.

Another leading player in the renewable energy space Suzlon Energy Limited also proposed an investment of Rs 25,000 crore for establishing hybrid park in Saurashtra and Kutch. Torrent Power Limited also committed an investment of Rs 5,235 crore in renewable energy project and Rs 3,150 crore in building distribution network in multiple location.

Solar Energy Corporation of India (SECI) signed agreements with Gujarat Power Corporation Ltd (GPCL) for 1,000 MW offshore wind power project entailing an investment of Rs 15,000 crore. SECI also entered into an agreement with Dholera Special Investment Region Development Authority (DSIR) and state energy and petrochemicals department for procuring 4,000MW of power from Dholera solar park, which involves an investment of Rs 20,000 crore.

“The next 5 years will be the golden era for renewable energy in Gujarat. The government is in the process of developing hybrid parks of 30,000MW in Kutch and will export the this energy to other states,” said state energy minister Saurabh Patel while addressing a seminar on Renewable Energy- Opportunities in Gujarat and India on the last day of the summit.