Corridors of Power: Andhra, Maharashtra, Karnataka Lock Renewable Energy Deals with Investors in Davos
Corridors of Power: Andhra, Maharashtra, Karnataka Lock Renewable Energy Deals with Investors in Davos
While Renew Power has agreed to invest in Maharashtra and Karnataka, three companies have signed agreements with Andhra Pradesh

During the World Economic Forum in Davos, several Indian state ministers pitched for investments in the renewable energy sector.

Andhra Pradesh signed renewables investment agreements worth approximately $16 billion with Adani Green Energy, Greenko backed by Singapore’s GIC, and Aurobindo Realty & Infrastructure.

Andhra plans to invest billions in green energy projects, including a 3,700-megawatt pumped hydro storage project and a 10,000-megawatt solar power plant, due to an agreement with Adani.

The remainder will come from Greenko and Aurobindo, which will set up hydro, solar, and wind power plants.

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy remarked during one of the panel discussions in Davos that the state has the ability to boost its renewable energy installed capacity to up to 33,000 megawatts. According to a state official, the investments are expected to create 38,000 jobs.

In addition, ArcelorMittal Nippon Steel (AMNS) India has declared that it will invest Rs 1,000 crore in the state’s Vizag pellet plant’s brownfield expansion.

CM Reddy met with Bahrain Finance Minister Salman bin Khalifa Al-Khalifa to discuss educational exports and investments. He also met with Aravind Krishna, the CEO of IBM, to discuss technology and skill development in order to turn Vizag into a technological centre.

Maharashtra

State Energy Minister Nitin Raut announced on Twitter that the Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gurugram-based Renew Power Private Limited inked a memorandum of understanding (MoU) for investments totalling Rs 50,000 crore in the renewable energy industry in Davos.

The investment, which will be made over the next seven years, will employ 30,000 people, according to the minister, who is attending the WEF’s annual session.

In the presence of Raut and Environment Minister Aditya Thackeray, the MoU was signed by MSEDCL CMD Vijay Singhal and his counterpart from Renew Power, Sumant Sinha.

Renew Power will provide 200 MW of power to the state under the arrangement, using solar, wind, hybrid, battery storage, hydrogen, and other technologies.

According to Maharashtra’s rules and standards, the state government would offer all essential permits, registrations, and approvals for the project through a single-window system.

Karnataka

In the case of the southern state, Renew Power has agreed to invest another Rs 50,000 crore in Karnataka over the next seven years, according to a memorandum of agreement.

The MoU was signed between the company and state government officials in the presence of Chief Minister Basavaraj Bommai in Davos.

According to a statement issued by the Chief Minister’s Office (CMO), the company intends to invest in renewable energy, battery storage, and green hydrogen units, with the potential to employ 30,000 people.

The CM called the agreement “a major milestone” in the state’s renewable energy sector.

As per the pact, the first phase will spend Rs 11,900 crore on the state’s ongoing projects, which will be operationalised in the following two years. Over the next five years, the business expects to invest Rs 37,500 crore in renewable energy and green hydrogen plants as part of the second phase.

CM Bommai also met with Sunil Bharti Mittal, Chairman of Bharti Enterprises. Mittal has stated a strong desire to establish a Mega Data Centre in the state.

The Chief Minister met with the Chairman of Adani Group, Gautam Adani, CEO of Johnson Controls, George Oliver, and several other industrialists as well.

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