"While other teams have invested in costly second wind tunnels, we believe that CFD is a technology of the future that will be integral to the design and development of more efficient vehicles," he said.
It is hoped that the new CFD facility will provide the team with 10 times their current capacity in that field.
While Renault have confirmed the CFD centre would be built below ground level and powered by renewable energy in order to meet stringent environmental targets.
Renault, winner of both Formula One titles for the past two seasons, has struggled this season since the departure of Fernando Alonso and are currently fourth overall with seven races remaining.
Neither Italy's Giancarlo Fisichella nor Finland's Heikki Kovalainen have finished on the podium this year.
They have scored just 32 points between them from 10 races to McLaren's 138 and Ferrari's 111.