ReNew Energy will set up a $2.57 billion wind and solar project in India

ReNew Energy Global announced on Friday that it would invest 220 billion rupees (2.57 billion dollars) in a hybrid renewable project in eastern India's state of Andhra Pradesh. The company is looking to capitalize on the booming demand for clean energy in the country.

The company stated that the project would add 2.8 gigawatts of total energy -- 1.8GW solar and 1GW wind -- to the grid and be able supply power up to 4 hours per day during peak hours.

ReNew Energy is the second largest renewable energy company in India, after Adani Green. It has projects spread across ten Indian States, with a global portfolio totaling 17.4 GW on February 14.

India is scrambling to reach its clean energy target after failing in 2022.

A Global Energy Monitor report revealed that the country had increased investments in this sector over the past year. However, it needs to double the capacity additions within the next five-years to reach its goal of 500 GW of non-fossil energy capacity by 2030. $1 = 85.5870 Indian Rupees (Reporting and editing by Savio d'Souza in Bengaluru)

(source: Reuters)