Maharashtra, ReNew Power sign MoU for Rs 500 billion RE projects in Davos

In Davos, the Maharashtra energy department and ReNew Power, one of India’s largest renewable energy businesses, signed an agreement of Rs 500 billion for renewable energy projects in the state over the next six to seven years. Maharashtra has raised the priority level for renewable energy projects to 80. Recently, IREDA announced that it had sanctioned Rs 144.4 million in loans and had already disbursed over Rs 100 billion in Maharashtra for renewable energy IREDA projects. According to the announcement, IREDA sanctioned Rs 144.45 billion for 422 RE project accounts in Maharashtra out of a total loan of Rs 1,209.46 billion. Recently, the Mahratta Chamber of Commerce, Industries, and Agriculture (MCCAl) held a session in Pune on ‘Greening India Through Renewables,’ urging stakeholders to resolve the situation.

In January 2022, ReNew Power sold 138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy, a rooftop solar energy company, for Rs 6.72 billion. As per a company statement, after accounting for an outstanding debt of Rs 1.37 billion, the sale generated Rs 5.35 billion in cash. Furthermore, ReNew intends to focus more on major utility-scale projects.

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