Now Reading: AP preferred destination for global investors, says Nara Lokesh
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AP preferred destination for global investors, says Nara Lokesh
Andhra Pradesh Minister Nara Lokesh on Thursday said the state has regained global investor confidence, becoming a preferred investment destination due to policy stability and speed. He was speaking after laying the foundation for Tata Power Renewable Energy Limited's Rs 5,350-crore 800 MW hybrid renewable energy project in Pattikonda, Kurnool district.
Lokesh said the project, spread across Kurnool and Anantapur, includes a 400 MW solar plant and a 400 MW wind farm. It will generate 4,000 jobs during construction and provide lease income to over 1,100 farming families for nearly three decades. He said the state's renewable energy capacity grew nearly 400 per cent in the past year, crediting the new government's policies after it took office in June 2024.
The minister said the Integrated Clean Energy Policy-2024 targets 160 GW of clean energy, covering solar, battery manufacturing, green hydrogen, and exports. He invited Tata Power to collaborate on a proposed Centre of Excellence with IIT Tirupati and the University of New South Wales for renewable energy research.
Indian Opinion Analysis
Lokesh's claim of a 400 per cent rise in renewable capacity in one year would make Andhra Pradesh one of India's fastest-growing clean energy states, but it needs verification from independent data like the Central Electricity Authority's monthly reports. The Rs 5,350 crore investment by Tata Power is significant as it is one of the largest single renewable projects in the state. The project's hybrid nature, combining solar and wind, addresses grid stability issues. The next signal is whether the government meets its 160 GW target, which would require attracting over Rs 8 lakh crore in investment, given current costs of about Rs 5 crore per MW.
Source: thehansindia.com
This story was synthesised by AI from the source linked above. Methodology and corrections.
