State signed 42 MoUs worth Rs. 9.57 lakh crore in the energy sector that would create over 1.8 lakh jobs
Top Indian companies RIL and Adani invest in AP’s green energy sector
Investment in green energy key to fast tracking development and employment generation
Andhra Pradesh ahead of other states in attracting large scale investments in energy sector.
Tremendous efforts of AP govt. have attracted investments
This will help ramp up the state’s green energy at a rapid rate
The credibility of CM Y S Jaganmohan Reddy and clear policies created confidence among investors to invest in energy sector- Minister for Energy, Peddireddi Ramachandra Reddy
State govt. committed to achieve self-sufficiency in power sector
AP’s commitment to meet future energy demand
Significant interest among investors in AP’s energy potential.
State has potential to become low carbon economy
State has already announceda Renewable Energy Export Policy -2020
- K Vijayanand, Special Chief Secretary,Energy
AP identified PSP potential at 29 locations with total capacity of 33,200 MW and DPR s are under preparation
With investments pouring into the green energy sector, Andhra Pradesh is rapidly establishing itself as a leader in renewable energy in India. The State has signed 42 MoUs in the energy sector worth around Rs. 9.57 lakh crore, which have the potential to create around 1.8 lakh employment opportunities. The country’s top companies Reliance India limited, Adani green etc., have also come forward to establish large scale green energy projects in Andhra Pradesh. This will serve the objective of State government to strengthen 24x7 power supply at global standards.
The State government’s tremendous efforts have attracted investments that will help ramp up the State’s green energy at a rapid rate. This is expected to give cost effective solutions to enhance energy security, boost the economy, reduce energy intensity on finances, create a large number of jobs, and improve environment in the coming years.
Andhra Pradesh has a favorable climate for renewable energy, with abundant solar and wind resources and a supportive policy and regulatory environment. The state has already made significant progress in development of renewable energy and announced renewable export policy, taking measures to establish hybrid pumped hydro storage projects. The state has also taken several initiatives including the development of solar parks and promotion of roof top solar installations. The state has also taken steps to promote energy storage, which is critical for the integration of renewable energy into the grid. Last year, the chief minister Y S JaganMohan Reddy has laid the foundation for the Integrated Renewable Energy Storage Project (IRESP) in Kurnool.
As the future of green energy sector in AP looks bright with the state government’s commitment to renewable energy, favorable policies, and abundant resources have attracted leading Indian companies to invest in green energy sector in Andhra Pradesh.
State government is strongly determined to meet whatever energy demand arises in the future and achieve self-sufficiency in the power sector. Electricity demand driven by economic development, industrial growth, consumer growth, and urbanization is growing rapidly in Andhra Pradesh. The State Govt. is taking special measures to increase the power generation capacity in the state to ensure uninterrupted 24x7 quality and reliable power supply at cost-effective rates to the consumers even in the future.
The State govt. has been successful in signing MoUs with top industry captains of India such as RIL chairman Mukesh Ambani and Karan Adani of Adani Group etc. The State has entered into 42 MoUs at Vizag Global Investor Summit on 3rd and 4th March-2023 in the energy sector worth around Rs.9.57 lakh Crore having potential to create around 1.80 lakh jobs with leading Investors at National and International level as against total 378 MoUs signed in various sectors worth of Rs.13.41 lakh crore having potential to create 6.09 lakhs jobs.
The Reliance Industries vowed to invest in the generation of 10 GW of renewable solar energy in the State while Adani Green Energy would establish renewable energy units with a 15 GW capacity in Ananathapur, Kurnool, Kadapa, Visakhapatnam, and Vizianagaram. The State had already entered into MoUs for green energy projects worth Rs.81,000 crore recently. It clearly indicates that the energy sector in Andhra Pradesh is expected to continue to grow creating new opportunities for investments, job creation and sustainable development.
In view of the conclusion of the Global investor’s summit at Vizag, the energy minister Peddireddi Ramachandra Reddy held a brief teleconference on investments in the energy sector with special chief secretary energy K Vijayanand, CMD APTRANSO, B Sreedhar and officials of DISCOMs and NREDCAP officials.
While reviewing the future impact of investments in energy, the minster further said that AP can attract more renewable energy projects and can become a leader in transition to a low carbon economy. The state government’s push for green energy and increasingly favorable economic situation has developed a significant interest among investors and make the State one of the most attractive renewable energy destinations in the country. “With the credibility of Chief Minister Sri Y S Jaganmohan Reddy and clear policies to the clean energy revolution in Andhra Pradesh will also serve exciting renewable energy prospects for the country in the coming years”, the Minister said
“Andhra Pradesh is ahead of other states in attracting large scale investments in key sectors like green energy, which will fast track the development of the State and help to create employment generation. This investor’s summit is a historic one. Perhaps no state in the country has attracted such huge investments within a short period, particularly in the power sector, said minister.
The Minister also said that the State Govt. announced the constitution of high power committee headed by Chief Secretary to Govt. K S Jawahar Reddy to follow up the implementation of the memorandums of understandings (MoUs) signed at the two day global investor’s summit. This clearly shows the commitment and strong determination of Chief Minister towards industrialization of the state for enhancing economy and employment generation. , said minister.
The strengthening of power sector will promote industrial sector and develop all key sectors in the state which helps in economic development of state, infrastructure development, and enhance living standards of people.
Special chief Secretary for Energy K Vijayanand Andhra Pradesh is having a large renewable energy potential and is one of the few States in India that has combined potential for solar, wind, and pumped Storage. The State government has also identified and set aside dedicated land parcels for wind, solar, and pumped Storage projects. Many Industrialists in the Vizag summit have lauded Andhra Pradesh’s investment-friendly policies, its huge investment potential, its vast natural resources and human resources to suit the requirements of energy investments.
He also said that the state has already announced a renewable energy export policy-2020 to promote investments in the renewable energy sector to attract investors by establishing wind solar hybrid projects that would help strengthen the energy sector in the state.
VC & MD of NREDCAP S Ramana Reddy said that with penetration of more solar and wind power, requirement for energy storage goes up to balance the grid and the State has already identified Pumped hydro storage power projects (PSP) at 29 locations with total potential of 33,200 MW and DPR s are under preparation.Further NREDCAP has also identified renewable energy potential zones and power evacuation arrangements are being planned in collaboration with Central Transmission Utility (CTU).
CMDs of DISCOMs J Padmajanardhana Reddy, K Santosha Rao and other senior officials have participated.
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