Andhra Eyes Rs 10 Lakh Cr Investment In Clean Energy

Amaravati: Andhra Pradesh is eyeing Rs 10 lakh crore investment in the clean energy sector in the state as it unveiled a new policy that incentivises investments across solar, wind and round-the-clock renewable energy projects to achieve net zero carbon emissions by 2047.

Andhra Pradesh chief minister N Chandrababu Naidu unveiled the AP Integrated Clean Energy (ICE) Policy that envisages incentives ranging from hassle-free land acquisition at reasonable price to power subsidy to certain sectors. The ICE Policy will involve a proposed investment outlay of Rs 10 lakh crore, creating direct and indirect employment for 7,50,000 workers, the policy document said.

The policy looks to leverage the state’s vast renewable energy potential across wind, solar and hybrid sources, storage capabilities through pumped storage projects, a long coastline, six operational ports (with four under development) and skilled manpower availability as it pivots energy transition. The Andhra Pradesh government is committed to promoting generation from renewables by creating a more conducive policy and investment framework to spur competition and private participation in the sector while maintaining a balance in the interests of all stakeholders, it said.

The police will aid in setting up of projects that generate electricity from abundant sunlight and wind energy as well from pump-storage projects on water bodies. Andhra Pradesh is targeting 78.5 gigawatts of solar capacity, 35 GW of wind energy, 22 GW of pumped storage and 1.5 million tonnes per annum of green hydrogen manufacturing capacity.

It is also looking to set up 25 GWh of battery energy storage as well as projects to manufacture ethanol and biogas from biomass and 5,000 EV charging stations. It is also looking at 25-30 GW of cleantech manufacturing that will create jobs for the local population. To develop relevant skills in our workforce, the University for Green Energy and Circular Economy (UGC) will be established in collaboration with the government of India and industries under PPP (Public-Private Partnership) Mode, it said.