Opportunities in sight for Renewable Energy sector in Uttar Pradesh with proposal to invest around Rs 19,000 crore

Lucknow: There has been a huge success in the direction of taking forward the renewable energy program of the Government of Uttar Pradesh. Officials claim that private sector firms have proposed to invest around Rs 19,000 crore in the state’s green energy sector. These include investment proposals by Greenco and JSW Group in various renewable energy projects worth about Rs 13,000 crore and Rs 5,900 crore, respectively.

This is the first time that the Uttar Pradesh government has received such huge investment proposals in the nascent domestic green energy sector. According to official sources, the state is moving ahead with the Centre’s broad target of achieving 450 gigawatts (GW) in renewable energy and 500 gigawatts in non-fossil energy capacity by 2030. This effort is part of India’s commitment to meet the international climate. Green energy will play a major role in reducing carbon emissions and preventing environmental pollution in the future.

For next year’s mega UP Global Investors Summit 2023, the Yogi Adityanath government is trying to woo private sector companies in several sectors, including green energy. The summit, to be held in January 2023, has set a target of netting Rs 10 lakh crore in fresh investment proposals from domestic and multinational companies (MNCs).

Preparation of road shows in many countries for Global Summit

To build momentum for the summit, the state plans to organize road shows in major countries including the US, UK, Canada, UAE, Sweden, Singapore, Netherlands, Israel, France, Germany, South Korea and Australia. In the last six months, the state has claimed to have received investment proposals totaling Rs 45,000 crore from 55 private sector companies, including multinationals. These include projects in the green energy sector.

Investment proposals from private companies

For example, Cosys Group proposes to invest Rs 6,000 crore in green mass transit projects, while Varun Beverages will invest around Rs 3,600 in four different beverage projects. Similarly, JK Paints and Keon Distilleries will invest Rs 600 crore and Rs 500 crore, respectively, in their projects.

95 thousand crore investment proposals received in five years

The Information Technology (IT) and Electronics sector has received maximum investment proposals of around Rs 95,000 crore in the last five years. These include seven projects in the data center space with a total investment profile of around Rs 20,000 crore. While five projects have been approved, the remaining two are expected to get the nod of the state cabinet soon.