Vijayawada, September 17, 2024: Chief Minister Nara Chandrababu Naidu has invited global investors to Andhra Pradesh, declaring that AP is going to become the next big player in green energy.
Addressing investors at the Fourth Global Renewable Energy Investment Meet, which was inaugurated by Prime Minister Narendra Modi at Gandhinagar in Gujarat on Monday, Chandrababu Naidu highlighted AP’s commitment to generate 72.60 GW of renewable energy by 2030, as part of India’s target of 500 GW.
Calling upon global investors to invest in AP, the Chief Minister showcased the state’s coastline, strong industrial base, excellent transport links and vast potential for solar, wind, pumped storage and green hydrogen projects. He advised investors to take advantage of AP’s friendly financial policies, including tax breaks, subsidies and easy regulations, apart from availability of skilled workforce within the state.
“I want to create one of the best ecosystems for green energy in India,” the AP CM underlined. He assured to provide incentives for developing wind projects and to waive off transmission and wheeling charges, and make available sector-specific capital and interest subsidies to foster innovation. He offered production incentives to renewable energy equipment manufacturers, apart from subsidies on power costs and electricity duty to reduce expenses.
Chandrababu Naidu pointed out that the state has taken the lead in promoting pumped storage projects at 39 locations, with an estimated potential of generating 43.89 GW renewable energy and minimising grid imbalances according to the reports published in deccanchronicle.com.
The AP Chief Minister said, “We have seen public-private-partnerships. I am introducing in Andhra Pradesh P4 – public-private-people’s partnership. I want to involve people as partners in renewable energy.”
He underlined the need to adopt global best practices in renewable energy, including focussing on research and development, policy support and removing obstacles for emerging technologies. He expressed his intent to set up a global university for clean energy and circular economy to encourage knowledge sharing and innovation.
Chandrababu Naidu disclosed that AP’s renewable energy capacity targets include 40 GW solar energy, 20 GW wind energy, 12 GW pumped storage, 25 GW battery energy storage, 1 MTPA green hydrogen and derivatives, 2,500 KLPD bio fuels and 500 public charging stations for electric vehicles.
The Chief Minister pointed out that AP is implementing the PM Surya Ghar Muft Bijili Yojana. Its target is to install rooftop solar units on 10 lakh households by 2026–27, in addition to developing 26 model solar villages, one in each district of the state.
AP has meanwhile received an award from union ministry of new and renewable energy for setting up solar parks in Anantapur district.
