Ahead of the 10th Vibrant Gujarat Global Summit, just three companies commit investment of about Rs 60,000 crore to fuel renewable energy projects across the state
Torrent Power, the integrated power utility of the Torrent Group, has sealed four non-binding Memorandums of Understanding (MoUs) with the Gujarat government.
The agreements outline Torrent Power's ambitious plans to invest Rs 47,350 crore ($5.70 billion) in renewable energy, green hydrogen, and power distribution ahead of the 10th Vibrant Gujarat Global Summit to be held in the state capital Gandhinagar from January 10 to January 12.
This move is expected to be pivotal in the state's progress, fostering employment opportunities and contributing to its overall development.
Adding to this commitment, Juniper Green Energy, a prominent player in the renewable energy sector, joined hands with the Gujarat government during the Investment Promotion Activity at the summit.
The MoU signifies a strategic collaboration to establish 1GW of wind and solar projects in Gujarat, backed by an investment of Rs 8,000 crore. Notably, this initiative anticipates creating 1,500 jobs, underlining Juniper Green Energy's dedication to driving socio-economic development in the region.
In another groundbreaking move towards clean and green energy, NHPC signed an MOU with Gujarat Power Corporation (GPCL) for the Kuppa Pumped Hydro Storage Project (750 MW). Inked under the Vibrant Gujarat initiative, the agreement outlines NHPC's estimated investment of Rs 4,000 crore in the proposed project at Chhota Udaipur, Gujarat.
This venture brings a significant boost to the renewable energy sector and promises substantial employment opportunities, aligning with the broader goal of bolstering the local economy.
These collective endeavours, from Torrent Power's massive investment to Juniper Green Energy's wind and solar projects and NHPC's pumped hydro storage initiative, underscore Gujarat's growing prominence in the renewable energy landscape. As these projects unfold, they are poised to drive both economic growth and sustainability, contributing to the state's vision for a greener and more prosperous future.