The Andhra Pradesh government on Wednesday said it has prepared an ‘Integrated Renewable Energy Policy,’ which is likely to be unveiled later this month.
The move comes after Brookfield, a global investment firm, proposed to invest over Rs 50,000 crore in the state in the next three to five years in renewable energy.
The ambitious policy will cover solar, wind and 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 meeting on Wednesday to discuss the finer contours of this policy.
On Tuesday, Naidu, along with Ravi met a delegation from Brookfield in Amaravati, including 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 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.
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 vehicles manufacturing unit, semiconductors, digital health and manufacturing components units in Andhra Pradesh.
On Wednesday, Naidu met representatives from World Bank and Asian Development Bank (ADB) on 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 Andhra Pradesh CM posted on X.
Ever since Naidu has taken over the reins, his government has been keen to spur the state’s economy by improving the investment climate and boosting jobs creation.
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
