Andhra aims to take a lead in Green Energy withan investment of `1.43-lakh-cr;Aimsto set up the world’s largest ‘Integrated Renewable Energy Storage Project’.
The state of Andhra Pradesh showcased its richnatural resources, large investments in infrastructure, land bank, andintensive reforms in rules and regulations at a successful investors meetingheld last month in Bengaluru. These efforts, taken together, position AndhraPradesh as the state where abundance meets prosperity. The event is one of manysuch meets being organised in the run-up to the Global Investors Summit onMarch 3-4 2023 in Visakhapatnam.
The state provides attractive opportunities forinvesting in renewable energy, according to the honourable Finance Minister ofAndhra Pradesh Shri. Buggana Rajendranath. While addressing the InvestorsMeet in Bengaluru, the honourable minister said, “With rich renewableenergy hubs, the State carries the potential for setting up 38 GW in solar and44 GW in wind.”
Renewable power sources account for a third ofthe total installed capacity in the State of Andhra Pradesh. The nine GWof renewable power installed capacity includes 4.3 GW of solar power and 4.1 GWof wind power. Apart from this, the state has geared up local administration torecycle waste and generate power from Biomass, Municipal Solid Waste, andIndustrial Waste.
Andhra Pradesh government has created a shelf ofseven 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 beenidentified for Pumped Hydro Storage Power Projects, carrying a potential of33.2 GW.
The state is looking to create the world’s largest‘Integrated Renewable Energy Storage Project’ with an installed capacity of4,230 MW and a storage capacity of 10 GWh. The State is also making its way tobecome a leader in clean mobility and looking to convert all the APSRTC busesand 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 citieswith intent to convert 100 per cent of all commercial and logistic fleets toelectric fleets by 2029.
Key functionaries from various departments,ministries, and state government institutions had an open interaction with theinvesting community at the Investors Meet. Promising to handhold potentialinvestors and facilitate the fastest turnaround time, the presentationsshowcased the present and upcoming infrastructure and the conducive policyenvironment of the state.
Manufacturing, food processing, ports, IT andElectronics, handlooms, and textiles sectors attracted significant interest atthe event.
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Andhra Pradesh is India’s gatewayto the southeast with its 974 km long coastline, the second longest in thecountry, six existing ports, and four upcoming ports.
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It has also emerged as thefastest-growing state in India, as per the number released so far, withdouble-digit growth of 11.43 per cent in 2021-22.
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The state has emerged on top in terms ofease of doing business (EoD) for three consecutive years.
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Three of the country's eleven industrialcorridors are being built in Andhra Pradesh alone.