Amaravati, Jun 24 (PTI) The Andhra Pradesh cabinet on Friday approved the proposal of Adani Green Energy Limited for setting up pumped hydro storage projects, with a total capacity to generate 3,700 MW of power, at four different locations in the state.

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Adani came forward to set up these plants at a cost of Rs 15,376 crore in four phases and provide employment to 4,000 people, according to the Chief Minister's Office.

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The State Investment Promotion Board (SIPB) cleared the proposal two days ago and the council of ministers in the state cabinet, which met under the chairmanship of Chief Minister Y S Jagan Mohan Reddy, approved it.

According to the proposal, Adani will set up a 1,000 MW plant each in YSR and Parvathipuram Manyam districts, a 1,200 MW plant also in Manyam district and another 500 MW in Satya Sai district.

In 2022-23 (first phase), the company will invest Rs 1,349 crore on the projects, according to the CMO.

Official sources said more than 11,000 acres of land would be required for the proposed four plants. As per the state government's direction, Adani will have to take the land on lease from farmers and pay a lease amount of Rs 30,000 per acre, per annum.

As the proposed project sites are located in parched regions, the Chief Minister feels leasing of lands would provide a steady source of income to the farmers.

"This will be beneficial for the farmers as well as the state," the Chief Minister said at the SIPB meeting.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)