Visakhapatnam: Green energy firm ReNew Power will invest Rs 13,000 crore over five years to develop renewable energy capacity in Andhra Pradesh as per an MoU signed with the state government on Sunday, a company statement said here.
The agreement was signed at the ongoing three-day CII Partnership Summit in Visakhapatnam, ReNew Power said.
"The Memorandum of Understanding (MoU) envisages the development of 1,000 MW of installed capacity for solar power and another 1,000 MW of wind over the next five years by ReNew Power," it said.
"The projects, put together, have the potential to create direct employment for 4,000 people and indirect employment for 6,000 people, while providing access to clean energy in the state," it said.
ReNew Power Chief Executive Sumant Sinha said: "We already have more than 300 MW of installed green energy capacity in Andhra Pradesh. With this proposed investment, we want to further enhance our support to the state in meeting its energy requirements in a more sustainable way and also create thousands of jobs."