Apollo Green Energy to Invest Rs 500 Cr in 1GW Renewable Energy Portfolio

New Delhi, Mar 4 (PTI) Apollo Green Energy (AGEL) on Tuesday said it will set up a subsidiary AGEL Renewable Energy Ltd and invest Rs 500 crore to develop 1 GW renewable energy portfolio over the next 2-3 years.

The subsidiary will focus on utility-scale solar while integrating advanced energy storage solutions, including hydrogen-based systems, a company statement said.

According to the statement, through this investment, AGEL Renewable Energy Ltd aims to develop a 1GW renewable energy portfolio over the next 2-3 years, starting from FY26, to bridge critical gaps in India's renewable energy landscape and contribute to the country's clean energy goals.

AGEL has announced plans to launch its subsidiary AGEL Renewable Energy Ltd and is planning to invest Rs 500 crore, it added.

The company will actively bid for large-scale government tenders and establish power purchase agreements (PPAs) with utilities and commercial consumers.

Additionally, AGEL Renewable Energy will hire up to 200 people across various roles, including engineering, project management, research and development, and operations.

Apollo Green Energy Managing Director Raaja Kanwar said, "This initiative is designed to ensure energy reliability and affordability for all stakeholders. By focusing on advanced storage technologies, such as hydrogen and batteries, and actively participating in government tenders, we are aligning with national renewable energy targets while fostering innovation".

Operating in eight states, the company manages a diverse portfolio of projects, including 400 MW of solar installations.