Andhra Pradesh has signed renewables investment pacts worth a total of around $16 billion with three companies including Adani Green Energy, Greenko, Singapore’s GIC sovereign wealth fund, and Aurobindo Realty & Infrastructure during the World Economic Forum at Davos.
With an agreement with Adani, Andhra Pradesh aims to establish green energy projects including a 3,700 megawatt pumped hydro storage project and a 10,000-megawatt solar power project, which will involve an investment of about ₹600 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 Davos, Andhra Pradesh chief minister YS Jagan Mohan Reddy said the state has the potential to increase the renewable energy installed capacity to up to 33,000 megawatts.
According to a state government official, the investments will create 38,000 jobs.
In addition to this, ArcelorMittal Nippon Steel (AMNS) India has confirmed that it will invest ₹1,000 crore towards the brownfield expansion of its Vizag pellet plant in the state.
The Chief Minister met Bahrain Finance Minister Salman bin Khalifa Al-Khalifa and discussed exports and investments in the field of education.
The Chief Minister also met IBM CEO Aravind Krishna and discussed technology and skill development to transform Vizag into a technology hub.
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