The Indian state of Andhra Pradesh on Thursday secured INR 190 billion (USD 2.93bn/EUR 2.6bn) in commitments for both renewable energy plants and factories from several multinational sector players, local media reported.
One of the biggest pacts was signed between the state government and SBJ Cleantech — a joint venture (JV) of Japanese telecoms group Softbank Corp (TYO:9984), Taiwanese electronics company Foxconn Technology Co Ltd (TPE:2354) and India-based conglomerate Bharti Enterprises Ltd. As part of the memorandum of understanding (MoU), the JV will add 2 GW of photovoltaic (PV) and 1 GW of wind power capacity in Rayalaseema region, The Hindu said.
In the meantime, Suzlon Energy Ltd (BOM:532667), turbine and solar inverter maker ReGen Powertech Pvt Ltd and independent power producer (IPP) ReNew Power sealed their own deals. Along with Spanish wind power group Gamesa (BME:GAM), they plan to jointly pour some INR 19 billion into wind farms and turbine production plants over the next five years.
At the same time, the energy unit of Spanish group Acciona SA (BME:ANA) — Acciona Energia — has agreed to erect a 3-MW wind turbine with a 125-metre tower in Kurnool district. In addition, Andhra Pradesh plans to give priority to a solar-wind hybrid project, which will combine the strengths of all companies involved.