According  to two state government officials of Andhra Pradesh, the state government has inked renewables investment pacts which is worth a total of around $16 billion. The pacts are signed with three companies which includes Adani and an affiliate of Singapore's GIC sovereign wealth fund.

As per news source, the officials said that the deals were struck during the World Economic Forum at Davos.

They also said that these deals will generate 38,000 jobs.

The agreement with Adani, run by India's richest man Gautam Adani, is to establish green energy projects including a 3,700 megawatt pumped hydro storage project and 10,000 megawatt solar power project, which will involve an investment of about 600 billion Indian rupees ($7.74 billion).

The rest will come from Greenko and Aurobindo, which will set up projects related to hydro, solar and wind power.

"Andhra wants to be the leader in this space. The green energy projects will be for solar, wind and power storage, to push towards a decarbonized economy," one of the officials said.

India has plans to install 450 GW of renewable energy capacity by 2030, in a bid to cut carbon emissions and clean up air in its cities.