Andhra aims to take a lead in Green Energy with an investment of Rs1.43 lakh Cr, aims to set up the world’s largest ‘Integrated Renewable Energy Storage Project’ – EQ Mag

Andhra Pradesh’s successful Investors Meet in Bengaluru, held ahead of its “Global Investors Summit 2023,” invites investors to leverage the state’s potential in solar and wind energy space.

Bengaluru : The state of Andhra Pradesh showcased its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at a successful investors meeting held today in Bengaluru. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam.

The state provides attractive opportunities for investing in renewable energy according to the honourable Finance Minister of Andhra Pradesh Shri. BugganaRajendranath. While addressing the Investors Meet in Bengaluru honourable minister said, “With rich renewable energy hubs, the State carries the potential for setting up 38 GW in solar and 44 GW in wind.”

Renewable power sources account for a third of the total installed capacity in the State of Andhra Pradesh. The nine GW of renewable power installed capacity includes 4.3 GW of solar power and 4.1 GW of wind power. Apart from this, the state has geared up local administration to recycle waste and generate power from Biomass, Municipal Solid Waste, and Industrial Waste.

Andhra Pradesh government has created a shelf of 7 projects with an estimated potential of 17,800 MW to set up solar, wind, and solar-wind hybrid power projects. In the state 29 locations have been identified for Pumped Hydro Storage Power Projects, carrying a potential of 33.2 GW. The state is looking to create the world’s largest ‘Integrated Renewable Energy Storage Project’ with an installed capacity of 4,230 MW and a storage capacity of 10 GWh.

The State is also making its way to become a leader in clean mobility and looking to convert all the APSRTC buses and all government vehicles into electric vehicles in a time-bound manner. A few cities such as Visakhapatnam, Vijayawada, Amaravati, and Tirupati have been shortlisted as Model Electric Mobility cities with an intent to convert 100% of all commercial & logistic fleets to electric fleets by 2029.

Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Bengaluru today. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state.

Manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event. Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.

Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure as three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. The improvements have been duly recognised and the state has received various awards over the last year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.

The event was also graced by the key functionaries of state government including Dr.SrijanaGummalla, IAS, Director of Industries, VC & MD APIIC, CEO APEDB, Sri. L Sridhar Reddy, CEO, AP Food Processing Society, Sri. Ravindranath Reddy, Dep. CEO, AMPB, ……. ITES secretary ……… Smt. K.Sunitha, IAS, Prl Secretary, Handlooms & Textiles