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AP to invest Rs 9.5 lakh crore in energy sector

AP to invest Rs 9.5 lakh crore in energy sector

During the two-day Global Investors Summit 2023 in Visakhapatnam on March 3 and 4, top Indian business conglomerates Reliance Industries Limited and Adani Group signed memorandums of understanding (MoUs) with the state government to invest in green energy.

RIL has pledged to invest in the generation of 10 GW of renewable solar energy in the state, while Adani Green Energy, the Adani group’s renewable energy arm, will establish units with a combined capacity of 15 GW in Anantapur, Kurnool, Kadapa, Visakhapatnam, and Vizianagaram districts.

During the two-day GIS, Andhra Pradesh signed 42 MoUs in the energy sector worth Rs 9.57 lakh crore. This represents nearly 70% of the total investment proposals of over Rs 13 lakh crore received during the GIS. If these agreements in the energy sector are implemented, they will provide employment for approximately 1.8 lakh people. Even before the GIS, the state had signed MoUs for green energy projects worth Rs 81,000 crore.

The latest mega MoUs at GIS were a testimony to this trend,” said Ramachandra Reddy. NREDCAP vice-chairman and managing director, S Ramana Reddy, said that Andhra Pradesh has already identified pumped hydro storage power projects at 29 locations with a total energy generation potential of 33,200 MW. “Detailed project reports for these locations are under preparation. NREDCAP, on the other hand, has identified renewable energy potential zones, and power evacuation plans are being developed in collaboration with the Central Transmission Utility,” Ramana Reddy said. At the GIS’s valedictory, Chief Minister YS Jagan Mohan Reddy announced that a high-power committee led by the chief secretary will review the MoUs signed at the GIS on a weekly basis in order to ground the projects as soon as possible.

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