Essar Renewables’ bet in Maharashtra: To invest Rs 8,000 crore, generate 2,000 jobs

WEF 2025: Essar’s green energy venture, Essar Renewables, has signed a Memorandum of Understanding (MoU) with the Maharashtra government at the World Economic Forum (WEF) in Davos. The company has plans to develop 2 GW of renewable energy capacity for its green mobility initiative. 

As per the agreement, Essar Renewables will invest Rs 8,000 crore in a mix of round-the-clock renewable energy projects. These projects were primarily aimed at supporting the electric vehicle truck charging ecosystem of Blue Energy Motors and Greenline. 

The investment is expected to generate direct employment for over 2,000 individuals, with the projects slated to commence in fiscal year 2026-27. 

“This collaboration represents a crucial milestone in our renewable energy projects and also establish us as a formidable player in the sector,” said Ankur Kumar, CEO, Essar Renewables. 

Prashant Ruia, Director, Essar, added, “As we navigate the global energy transition, this partnership with the Government of Maharashtra is a critical step in reshaping the future of sustainable energy for green mobility. With our investment in renewable energy and green mobility solutions, we are driving the state’s growth while positioning India as a global leader in the green economy.”

Essar Renewables’ has an ambitious goal of surpassing 8 GW of renewable energy capacity over the next five years. 

PRASHANT RUIA AT DAVOS

Ruia, speaking to Business Today at Davos said that while a shift towards cleaner fuels is inevitable, fossil fuel is likely to dominate India’s energy basket for many years to come. “Fossil fuel will still play a major role in our energy basket for many years to come,” he said. 

 He said India’s big bet is solar energy. “The cost of delivering solar power in India is very low, cheaper than gas, cheaper than coal. We still have to solve the storage problem. Battery technology is coming and in a few years we will be able to address the storage problem. There will be an inevitable shift towards electric,” he said.