Andhra Pradesh govt expects investors meet to power wind, solar boom

As India’s fastest-growing state, Andhra Pradesh is gearing up to attract more investors at the Global Investment Summit (GIS) 2023 in Visakhapatnam on March 3 and 4, and renewable energy is one of the key sectors the state is focusing on.

The state has the potential to attract investment of Rs 3.5-4 trillion in 44 Gw of wind and 38 Gw of solar power, based on estimates by the government and the industry. Besides, the state has potential in 33.2 Gw of pumped hydro.

According to the plan lined up by the state government, it has set a target of establishing 120-Gw renewable power projects by 2025. This comes at a time when the state has attracted around Rs 1.06 trillion for generating 22,600 Mw of green energy.

“Today in Andhra Pradesh, in addition to the existing 9 Gw of existing renewable projects, another 18 Gw of green energy-related projects including manufacturing (which will help in import substation) are in various stages of concept to commissioning. The chief minister has given highest priority to green energy projects because they not only contribute to India’s environmental goals but also will be creating high-paying jobs of the future for our youth,” said Rajiv Krishna, advisor to the government of Andhra Pradesh.

“We are ready to give land, single-window clearance and certain special incentives for renewable projects,” he added. At present, the state has an installed renewable capacity of 10.8 Gw, including 4 Gw wind, 4 Gw solar, 1.6 Gw of large hydropower projects, 566 Mw of biopower, and 162.11 Mw small hydropower projects.

In green energy, Andhra Pradesh also became one of the favourite destinations in the last few years. Last year, the Jagan Mohan Reddy government had signed a memorandum of understanding with Adani Green Energy to set up two mega green energy projects at an estimated cost of Rs 60,000 crore.

“Since the Reddy government took charge in 2019, the cumulative renewable energy capacity by the state has increased from 8,193.76 Mw to 10,826 Mw in 2022,” said an industry source.

“Green energy is one of our key focus areas for the upcoming GIS summit. We are betting big on solar and wind,” Buggana Rajendranath, finance minister of Andhra Pradesh, told Business Standard last week.

The state has four solar parks, which can accommodate a capacity for 4 Gw. The world’s largest Integrated Renewable Energy Storage Project (IRESP) by Greenko Group, with a capacity of 5,230 Mw, is also being developed in the state with an investment of Rs 15,000 crore, and is scheduled to be commissioned by the end of 2023. The state is also facilitating the lease of around 500,000 acres to renewable energy export providers.