During World Economic Forum in Davos, several Indian Ministers of State pushed for investment in the renewable energy sector.
Andhra Pradesh signed renewable investment agreements worth around $16 billion with Adani Green Energy, Singapore’s GIC-backed GreenCo and Aurobindo Realty & Infrastructure.
Andhra plans to invest billions in green energy projects due to an agreement with Adani, including a 3,700 MW pumped hydro storage project and a 10,000 MW solar power plant.
The rest will come from Greenco and Aurobindo, which will set up hydro, solar and wind power plants.
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy remarked during a panel discussion in Davos that the state has the potential to boost its capacity. Renewable energy Installed capacity up to 33,000 MW. According to a state official, the investment is expected to create 38,000 jobs.
In addition, ArcelorMittal Nippon Steel (AMNS) India has announced that it will invest Rs 1,000 crore in brownfield expansion of Vizag Pellet Plant in the state.
CM Reddy met Bahrain’s Finance Minister Salman bin Khalifa Al-Khalifa to discuss educational exports and investment. He also met Arvind Krishna, CEO of IBM to discuss technology and skill development to turn Vizag into a technology hub.
Maharashtra
State Energy Minister Nitin Raut announced on Twitter that Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gurugram-based Renew Power Private Limited have entered into a Memorandum of Understanding (MoU) for a total investment of Rs 50,000 crore in the renewable energy industry in Davos. have signed.
According to the minister attending the annual session of the WEF, the investment to be made in the next seven years will provide employment to 30,000 people.
In the presence of Raut and Environment Minister Aaditya Thackeray, MSEDCL CMD Vijay Singhal and his Renew Power counterpart Sumant Sinha signed the MoU.
Under the renewable power system, the state will be provided 200 MW of electricity using solar, wind, hybrid, battery storage, hydrogen and other technologies.
As per Maharashtra rules and standards, the state government will provide all necessary 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 understanding.
MoU was signed between the company and state government officials in the presence of Chief Minister Basavaraj Bommai 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 a potential to employ 30,000 people.
The CM called the agreement “a major milestone” in the state’s renewable energy sector.
As per the agreement, Rs 11,900 crore will be spent on the ongoing projects of the state in the first phase, which will be commissioned in the next two years. Over the next five years, the business is expected to invest Rs 37,500 crore in renewable energy and green hydrogen plants as part of the second phase.
CM Bommai also met Sunil Bharti Mittal, Chairman, Bharti Enterprises. Mittal has expressed strong desire to set up mega data center in the state.
The Chief Minister also met Adani Group Chairman Gautam Adani, Johnson Controls CEO George Oliver and several other industrialists.
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