Indian renewable energy project developer ReNew Power has announced that it has inked a pact with the Maharashtra government for a proposed investment of ₹140 billion (~$2.17 billion) for the commissioning of renewable energy projects in the state.

The Memorandum of Understanding (MoU) between the two parties was signed in Mumbai during the three-day investment summit Magnetic Maharashtra: Convergence 2018.

According to PTI, in the next five years, ReNew Power Ventures has proposed to invest in three broad categories.

The company plans to invest approximately ₹60 billion (~$928.8 million) into the development of solar and wind projects each, and another ₹20 billion (~$309.61 million) for the conversion of waste into energy.

The state of Maharashtra has become one of the few states in the country which are at the forefront of renewable expansion with their endeavors to promote clean energy.

For instance, in the recently launched textile policy of the state, the government focused on the promotion of non-conventional sources of energy to meet its increasing power demand.

Moreover, besides Karnataka, Maharashtra is the only state to have come up with a specific state policy for Electric Vehicles (EVs). The policy aims at creating an enabling environment for the manufacture of 500,000 EVs in the state within the next five years.

This is not all. The government has also proposed a slew of incentives and subsidies for consumers of green and efficient forms of energy.

According to Mercom India Research, ReNew Power has installed solar capacity of 1,091 MW with another 100 MW under development in the country.

In January 2018, Mercom had reported that ReNew Power raised ₹22.35 billion (~$352 million) to be used for its expansion and loan-payment plans.

Image credit: CMO Maharashtra via Twitter

Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. More articles from Ankita Rajeshwari.