Apollo Green Energy Sets Ambitious Renewable Goals

Apollo Green Energy (AGEL) has announced plans to establish a subsidiary, AGEL Renewable Energy Ltd, and invest Rs 500 crore to develop a 1 GW renewable energy portfolio over the next 2-3 years. The initiative aims to integrate advanced energy storage solutions while focusing on utility-scale solar projects.

Apollo Green Energy Ltd. (AGEL), a leader in India's renewable energy sector, plans to launch a subsidiary, AGEL Renewable Energy Ltd, pledging a substantial Rs 500 crore investment. This strategic move is aimed at developing a robust 1 GW renewable energy portfolio within the next 2-3 years.

The subsidiary will primarily focus on advancing utility-scale solar installations, incorporating cutting-edge energy storage solutions, including hydrogen systems. This development comes as part of AGEL’s commitment to bridging the renewable energy gap in India and aligning with the nation's clean energy objectives.

AGEL Renewable Energy plans to actively pursue government tenders and establish power purchase agreements with various utilities and commercial consumers. In addition, the firm will expand its workforce by recruiting 200 professionals across multiple domains to bolster its operational capacities. Managing Director Raaja Kanwar highlights the initiative's emphasis on energy reliability and affordability, underscoring the strategic alignment with national renewable energy targets complemented by technological innovation.

(With inputs from agencies.)