Adani Group & Andhra Govt signs Mou for Rs 60,000 cr investment

26 May 2022 CW Team

The Adani Group signed a Memorandum of Understanding (MoU) with the government of Andhra Pradesh for an investment of Rs 60,000 crore 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 Ltd (AGEL) will build a 3,700 MW hydro storage plant and a 10,000 MW solar energy project.

According to the media sources, the MoU was signed at the AP Pavilion in the presence of Chief Minister Jagan Mohan Reddy and Adani Group Chairman Gautam Adani.

Adani Green Energy is one of India's largest renewable energy firms, with a portfolio of 20,284MW.

Utility-scale grid-connected solar and wind farm projects are developed, owned, operated, and maintained by the firm.

Gautam Adani, chairman of the Adani Group, stated that the company plans to invest $20 billion in renewable energy by 2031 and triple its clean energy producing capacity by 2025.

Adani Group also plans to invest more than 75% of its capital spending on green technology over the next three years.

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