At the World Economic Forum, the Adani Group inked an MoU with the government of Andhra Pradesh for about a Rs 600 billion investment by Adani Green Energy in the state. Approximately 10,000 people will be employed directly and indirectly as a result of the project. In Andhra Pradesh, Adani Green Energy will build a 3,700 MW hydro storage plant and a 10,000 MW solar energy project.
Earlier this month, the Greenko Group announced the world’s reportedly largest renewable energy storage plant in Kurnool, Andhra Pradesh. The 5,230 MW project is being set up at a cost of $3 billion. The project would have a total capacity of 3 GW of solar power, 550 MW of wind power, and 1,680 MW of pump storage capacity for six hours. ArcelorMittal has invested around $600 million in the project. ArcelorMittal’s investment will be used to construct 1 GW of solar energy capacity for the project. The project is expected to be commissioned by 2023.
Previously, Adani Green Energy Ltd (AGEL) extended its construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The loan comes under the category of a certified green hybrid project loan.