Essar Renewables Ltd (ERL) has signed an agreement with Maharashtra government to invest Rs 8,000 crore in renewable energy projects in the state, according to an official statement.

The MoU was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, Maharashtra Industries Minister Uday Samant and Essar Group Director Prashant Ruia at the World Economic Forum (WEF) 2025 in Davos, Switzerland.

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ERL plans to develop 2 gigawatts (GW) of renewable energy in Maharashtra. The company will invest in a mix of round-the-clock renewable energy projects to support an electric vehicle charging ecosystem to be developed by Blue Energy Motors and Greenline. The proposed Maharashtra government projects are set to commence in the financial year 2026-27.

Blue Energy Motors is a partner in Essar’s green mobility initiative and a pioneer in clean-energy trucks. It has also separately signed an agreement with the state government to invest Rs 3,500 crore to set up a truck manufacturing plant with a capacity to produce 30,000 units.

The investment is expected to generate direct employment for more than 2,000 people and the company believes the partnership will assist its goal of surpassing 8 GW of renewable energy capacity in five years, according to a company statement.

“We are excited to embark on this transformative journey with the government of Maharashtra. This collaboration represents a crucial milestone in our renewable energy projects and also establishes us as a formidable player in the sector,” ERL CEO Ankur Kumar said in the statement.

Essar Group CEO Prashant Ruia said, “As we navigate the global energy transition, this partnership with the Government of Maharashtra is a critical step in reshaping the future of sustainable energy for green mobility. With our investment in renewable energy and green mobility solutions, we are driving the state’s growth while positioning India as a global leader in the green economy.”