Renew Energy To Invest Rs 22,000 Cr In 2.8 GW Hybrid Renewable Project In Andhra Pradesh

(MENAFN- KNN India) Amaravati, May 17 (KNN) ReNew Energy Global announced on Friday a substantial investment of Rs 22,000 crore (USD 2.57 billion) to establish a hybrid renewable energy project in Andhra Pradesh.

The strategic initiative aims to capitalise on India's growing demand for clean energy solutions.

The project will generate a combined capacity of 2.8 gigawatts, comprising 1.8 GW from solar installations and 1 GW from wind power.

According to company officials, the hybrid facility will be engineered to supply power for up to four hours daily during peak demand periods.

ReNew Energy currently holds the position of India's second-largest renewable energy provider, following only Adani Green.

The company maintains an extensive operational footprint across ten Indian states and manages a comprehensive global portfolio totaling 17.4 GW as of February 14.

This investment comes at a critical juncture for India's renewable energy sector. The nation has been intensifying efforts to achieve its clean energy objectives after falling short of targets in 2022.

Despite significant increases in sector investments over the past year, a Global Energy Monitor report indicates that India must double its capacity additions during the next five years to successfully meet its ambitious target of 500 GW non-fossil power capacity by 2030.

(KNN Bureau)

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