India’s Andhra Pradesh has signed renewables investment pacts worth a total of around $16 billion with three companies including India’s Adani and an affiliate of Singapore’s GIC sovereign wealth fund, Reuters news report said.
The investment commitments were struck with Adani Green Energy, GIC-backed Greenko and India’s Aurobindo Realty & Infrastructure during the World Economic Forum at Davos.
The investments will create 38,000 jobs, said officials.
The agreement with Adani is to establish green energy projects including a 3,700 megawatt pumped hydro storage project and 10,000 megawatt solar power project, which will involve an investment of about 600 billion Indian rupees ($7.74 billion).
The rest will come from Greenko and Aurobindo, which will set up projects related to hydro, solar and wind power.
During one of the panel discussions in the Swiss Alpine resort of Davos, the state’s chief minister Y.S. Jagan Mohan Reddy said the state has the potential to increase the renewable energy installed capacity to up to 33,000 megawatt.
India has plans to install 450 GW of renewable energy capacity by 2030, in a bid to cut carbon emissions and clean up air in its cities.