In a landmark move, Sun Petrochemicals has signed an agreement with the Telangana government to invest Rs 45,500 crore in developing large-scale pumped storage hydropower projects across the state. The projects, to be located in Nagarkurnool, Mancherial, and Mulugu districts, represent one of the biggest investment deals in Telangana’s history. According to the state government, the initiative is expected to create 7,000 jobs during the construction phase.
The pumped storage projects will have a combined capacity of 3,400 MW, complemented by integrated solar power plants with an additional capacity of 5,440 MW. This massive investment is poised to drive significant socio-economic growth in Telangana. The memorandum of understanding (MoU) was formalized during the World Economic Forum in Davos.
Telangana Chief Minister Revanth Reddy emphasized the state’s commitment to diversifying its investment portfolio, spanning sectors from services to manufacturing, with a strong focus on innovation-led growth. He noted that the projects would not only generate substantial employment but also spur economic transformation in Nagarkurnool, Mancherial, and Mulugu. The initiative aligns with the state’s broader goals of leveraging renewable energy to meet power demands and advance its green energy agenda.
Dilip Shanghvi, Managing Director of Sun Petrochemicals, expressed optimism about Telangana’s emergence as a leading investment destination. He credited Chief Minister Reddy’s leadership for fostering an environment conducive to such transformative projects. Industries Minister D Sridhar Babu highlighted that the agreement was the culmination of nearly a year of meticulous planning and extensive deliberations, underscoring the state’s strategic approach to sustainable development.
This collaboration marks a significant step forward in Telangana’s renewable energy ambitions, promising long-term benefits for the state’s economy and environment.
