Nagpur: In response to recent reports suggesting that ReNew Energy’s ₹18,000 crore solar panel project in Butibori, Nagpur, may be relocated to Gujarat, the renewable energy giant has firmly denied any such claims. The reports had indicated that ReNew was considering moving its proposed solar panel manufacturing facility due to high electricity tariffs and lack of progress in discussions with the Maharashtra government. However, the company has clarified that these allegations are "misleading and factually incorrect."
ReNew Energy, a Nasdaq-listed company, had signed a memorandum of understanding (MoU) with the Maharashtra government in June 2023 for the project, which was expected to generate over 8,000 jobs and position Vidarbha as a key hub in India’s renewable energy landscape. The facility, planned to be developed over 300 acres, was set to manufacture critical components for solar panels, including metallurgical grade silicon, polysilicon, and ingot-wafers.
Political speculation about the project's potential shift to Gujarat ahead of the upcoming elections had raised concerns about its impact on Vidarbha’s industrial growth and Maharashtra’s renewable energy goals. However, in a statement issued on September 19, 2024, ReNew categorically dismissed the reports as baseless.
"This news is not only misleading but also irresponsible," the statement from ReNew read. "We are not transferring our investment from Nagpur to any other state, including Gujarat. We remain fully committed to our planned solar manufacturing project in Maharashtra."
ReNew further highlighted its long-standing involvement in Maharashtra’s renewable energy sector, where it currently has an installed capacity of 550 MW and an additional 2000 MW under construction. The company reaffirmed its commitment to investing ₹15,000 crore in solar power projects across the state, with plans to expand its capacity to 2000 MW by FY 2026.
Moreover, ReNew is in discussions with the Maharashtra government to explore other ventures, including green hydrogen manufacturing and pumped hydro storage, which are expected to create around 30,000 jobs. "Our existing and committed investments in Maharashtra total close to ₹1,00,000 crore," the company added, emphasizing its ongoing role in supporting the state's clean energy transition.
This clarification from ReNew Energy comes at a crucial time, as speculation over the relocation of such a major project had the potential to sway public opinion ahead of the elections and impact Maharashtra’s economic and energy outlook.
