Andhra Pradesh Attracts Global Investors with Integrated Clean Energy Policy 2024
Amaravati (Andhra Pradesh), December 13: Andhra Pradesh’s newly launched Integrated Clean Energy Policy-2024 is generating significant international interest, attracting investors from Norway and BRICS nations. The policy is seen as a promising framework for clean energy investments, with global companies and organizations eyeing opportunities in the state’s growing renewable energy sector.
On Friday, representatives from SAEL Solar, Norfund, and the United States Development Finance Corporation (DFC) met with Energy Minister Gottipati Ravi Kumar to discuss potential investments in solar energy, waste-to-energy projects, and solar panel manufacturing.
According to an official statement, the Andhra Pradesh Integrated Clean Energy Policy-2024 aims to create a robust regulatory environment for clean energy projects, driving international attention and investments. The discussions focused on exploring opportunities in renewable energy initiatives, with particular emphasis on solar energy and waste-to-energy solutions in the state.
The visiting delegation, which included officials from Norfund (Norwegian sovereign wealth fund) and the DFC, expressed strong confidence in the state’s policy framework. Both Norfund and DFC have supported SAEL Solar’s renewable energy ventures, with Norfund contributing USD 60 million through its Norwegian Climate Investment Fund and DFC offering USD 35 million in support of SAEL’s green energy projects.
SAEL Solar, a major Indian renewable energy company, is planning to develop 1,200 MW of renewable energy capacity in Andhra Pradesh, divided into two phases of 600 MW each. This ambitious project is expected to position the state as a significant renewable energy hub.
Energy Minister Gottipati Ravi Kumar highlighted the state’s commitment to clean energy innovation, noting that under the leadership of Chief Minister Nara Chandrababu Naidu, Andhra Pradesh has become a front-runner in the field. He emphasized that the Integrated Clean Energy Policy-2024 aligns with the state’s goal of achieving net-zero emissions by 2047. The policy provides balanced incentives and fosters an investment-friendly environment, setting the stage for a clean energy revolution in Andhra Pradesh.
Minister Kumar also pointed out that while the YSRCP government’s previous approach had deterred investors, the current administration is welcoming investors and ensuring rapid permissions for company establishment. He reiterated that the policy is designed to attract global investments, positioning Andhra Pradesh as a leader in the global energy transition.
The statement concluded by reinforcing the state’s dedication to expediting permissions and facilitating investments, further enhancing Andhra Pradesh’s standing as a prime destination for clean energy ventures. Over the next five years, the state plans to significantly increase its renewable energy capacity, further solidifying its position as a key player in the clean energy sector.
