Indian conglomerate Adani Group is set to invest Rs600bn ($7.7bn) in two green energy projects in the Indian state of Andhra Pradesh.
The company’s renewable energy arm, Adani Green Energy, has signed a memorandum of understanding (MoU) with the state government of Andhra Pradesh to set up the projects.
The MoU was signed at the World Economic Forum Summit in Davos, as reported by The New Indian Express.
Under the terms of the agreement, Adani Green Energy will deliver a 10GW solar power project and a hydropower storage project with 3,700MV of capacity.
The investment is expected to create 10,000 direct and indirect jobs in Andhra Pradesh, as well as support the state’s industrialisation efforts.
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At the forum, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and Adani Group chairman Gautam Adani also held discussions regarding the two projects.
Adani Green Energy is one of India’s largest renewable companies, currently operating a 20,284MW portfolio.
The company develops, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
According to its website, Adani Green Energy supplies the electricity produced by the assets to central and state government entities and other government-backed corporations.
Last year, Adani Green Energy acquired SB Energy India for Rs260bn. At the deal’s closure, SB Energy India had 5GW worth of renewable assets.
Adani Group chairman Gautam Adani has said that the group aims to invest $20bn in the renewable energy segment by 2031, as well as triple its clean energy generation capacity by 2025.
To meet its renewable investment target, the group plans to focus on renewable energy generation, component manufacturing, transmission and distribution.
Over the next three years, Adani Group also intends to spend more than 75% of its capital expenditure on green technologies.
