Close on the heels of Brookfield, a global investment firm, proposing to invest over Rs 50,000 crore in Andhra Pradesh in the next three to five years in renewable energy, the state government on Wednesday announced that it has prepared an ‘Integrated Renewable Energy Policy’, which it plans to unveil later this month.
The policy will cover solar, wind, hybrid energy storage, green hydrogen and its derivatives, biofuels, and electric vehicle charging infrastructure. Chief Minister N Chandrababu Naidu and state Energy Minister G Ravi Kumar held a review meeting on the subject on Wednesday.
On Tuesday, Naidu, along with Ravi, met a delegation from Brookfield in Amaravati, including its Managing Director Nawal Saini. Evren, a joint venture between Brookfield and Axis Energy Group, will look to invest over Rs 50,000 crore in the next three to five years in the southern state.
According to officials, Evren aims to install 1,380 MW of solar power capacity and 1,640 MW of wind power capacity by 2026. It already operates 210 MW of wind power assets in Andhra Pradesh. The joint venture aims to add 828 MW of solar power capacity and 204 MW of wind power capacity in 2027. It also plans to install 1,311 MW of solar power capacity and 3,300 MW of wind power capacity beyond 2027, with the ambition to achieve 8,873 MW of joint solar and wind capacities in total.
In recent weeks, several investors have shown interest in investing in Andhra Pradesh, sources in the state government said. Earlier this week, state Education, Information Technology, and Electronics Minister Nara Lokesh met representatives of Hon Hai Precision Industry, or Foxconn.
Lokesh told them that the state government was working on a “novel electronics policy”. He asked them to set up a “mega manufacturing city” in Andhra Pradesh. Foxconn representatives said they were keen to set up an electric vehicle manufacturing unit, semiconductors, digital health, and manufacturing components units in Andhra Pradesh.
On Tuesday, a delegation from HCL announced that it would hire 15,000 employees in Andhra Pradesh to support its expansion plans. Suzlon Energy is keen to expand its wind turbine manufacturing facility in Andhra Pradesh and is looking at an investment of nearly Rs 300 crore. Sources said representatives of the company will meet Naidu this week.
In the hospitality sector, the Oberoi group has identified land to construct four hotels, one each in Visakhapatnam, Tirupati, Gandikota, and Horsley Hills. It is scouting for land to construct a hotel in Amaravati, the state capital.
On Wednesday, Naidu met representatives from the World Bank and Asian Development Bank (ADB) regarding the reconstruction of Amaravati. “I have invited both banks to partner with us in this endeavour to create a futuristic capital city for Andhra Pradesh,” the Chief Minister posted on X.
Ever since Naidu took over the reins of the state after his win in the Assembly polls, the state government has been keen to spur the state’s economy by improving the investment climate and creating jobs. The Telugu Desam Party’s key poll promise was to create two million jobs in the state over the next five years.
First Published: Aug 21 2024 | 8:50 PM IST