By Aditya Kalra

DAVOS. Switzerland (Reuters). India’s Andhra Pradesh, according to two officials of the state government, has entered into renewables investment pacts with three firms, which include Adani, an Indian sovereign wealth fund affiliate, and a subsidiary of Singapore’s GIC sovereign money fund.

The investment commitments were struck with Adani Green Energy, GIC-backed Greenko and India’s Aurobindo Realty & Infrastructure during the World Economic Forum at Davos, the officials told Reuters on Tuesday.

Officials said that the investment will result in 38,000 job opportunities. They declined to identify the state as it is yet to officially announce the details.

Adani is India’s wealthiest man, and the agreement will allow Adani to set up green energy projects, including a 3700 Megawatt pumped hydro storage system project and a 10,000 Megawatt solar power plant. This project will require an estimated 600 billion Indian rupees (or $7.74 billion).

Greenko & Aurobindo will provide the remainder, and will establish projects related to solar, wind and hydropower.

Andhra is determined to lead this sector. According to one official, the green energy projects for power storage and solar wind will help in pushing towards decarbonization.

Y.S. Reddy, chief minister of the state was present at one of the panels in Davos. Jagan Mohan Reddy claimed that the state can increase renewable energy’s installed capacity up to 33,000 Megawatts.

India plans to build 450 GW renewable energy capacity in 2030 in an effort to reduce carbon emissions and improve air quality in cities.

Adani and Mukesh Ambani, a fellow Indian billionaire are trying to get to the forefront of Prime Minster Narendra Modi’s desire to boost green energy capacities in India’s 2nd-most populous nation.

Analysts say that both men are working to increase their clean energy status by increasing their attention from investors and making decisions on the basis of ESG ratings.