HomeNationRenew Power Inks $2.2 Billion Deal to Boost Maharashtra's Solar Industry

Renew Power Inks $2.2 Billion Deal to Boost Maharashtra’s Solar Industry

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Renew Power, a NASDAQ-listed global renewable energy giant has signed an Expression of Interest (EOI) with the Department of Industries, Government of Maharashtra, for a landmark investment in the solar energy sector. 

This signing ceremony took place earlier today and was witnessed by Maharashtra’s Deputy Chief Minister Devendra Fadnavis and other dignitaries including Minister Uday Samat, Dr. Amit Paithankar (Group President of Manufacturing), Mr. Servet Sert (CTO ReNew), and Dr. Markus Sickmoeller (COO ReNew Manufacturing Business).

The monumental investment is estimated to be around 2.2 billion USD (approximately ₹18,000 crore) and aims to establish one of the largest manufacturing facilities for metallurgical grade silicon (mg-Si), polysilicon, and ingot-wafers in Nagpur, Maharashtra.

*A Milestone for Solar Energy*

According to Deputy Chief Minister Devendra Fadnavis, this investment is “historic in many ways as it brings highly sophisticated manufacturing technology and process to Maharashtra, especially in the solar energy sector.” Furthermore, the investment is expected to create over 8,000 direct jobs in the region.

*Innovative R&D Facility*

In addition to the manufacturing facility, Renew Power also plans to set up a state-of-the-art research and development (R&D) center in close vicinity to the plant. This R&D facility will be dedicated to conducting pioneering research to develop next-generation products for the renewable energy sector.

*Aligning with National Vision*

The project aligns with the vision set by Indian Prime Minister Narendra Modi, promoting investments in sustainable energy. Deputy Chief Minister Fadnavis stated, “In line with the vision set by our Honorable Prime Minister Narendra Modi ji, encouraging such investments further our commitment to a more sustainable future.”

*Transforming Vidarbha Region*

The investment is expected to have a transformative impact on Maharashtra’s Vidarbha region. Once operational, the manufacturing plant is projected to become the backbone of solar energy production in India. 

Fadnavis highlighted the plant’s significance, stating that “when commissioned, this plant will usher a new change in the Vidarbha region, and it will become the solar backbone of the country.”


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