Energy sector attracts maximum investments at Global Investors Summit in Vizag of Andhra Pradesh

A major chunk of the total investment of more than ₹13 lakh crore for which MoUs were signed to go for generation of renewable energy

March 05, 2023 06:39 pm | Updated 06:39 pm IST - VIJAYAWADA

The commitment of investments totalling ₹9.57 lakh crore in the energy sector during the Global Investors Summit (GIS) held in Visakhapatnam will help Andhra Pradesh achieve its objective of improving the power supply to global standards. 

A huge chunk of the total investment of more than ₹13 lakh crore tied up at the GIS is destined to go into the generation of renewable energy. It enables Andhra Pradesh to consolidate its leadership in the renewable energy sector, according to an official release, which said 42 MoUs with a potential to provide employment to an estimated 1.80 lakh persons were signed during the event. 

Andhra Pradesh has a favourable climate for renewable energy with abundant solar and wind resources and a supportive policy and regulatory environment. The State has already made significant progress in the development of renewable energy and announced a renewable export policy and took measures for the establishment of pumped hydro storage projects. These initiatives caught the fancy of investors. Besides, the State took the lead in the area of energy storage which is critical for the integration of renewable energy into the power grid. 

The laying of foundation for an Integrated Renewable Energy Storage Project (IRESP) in Kurnool by Chief Minister Y.S. Jagan Mohan Reddy last year was a major step towards the storage of renewable energy.

Efforts to increase the power generation capacity to ensure uninterrupted 24x7 quality and reliable power supply at cost-effective prices to the consumers in future got a boost with the investments coming in on a large scale. 

The proposed generation of 10 gigawatts of solar energy by the Reliance Industries and the Adani Group’s commitment to set up renewable energy units with a 15 GW capacity in Anantapur, Kurnool, Visakhapatnam, Kadapa and Vizianagaram districts were the biggest projects for which MoUs were signed during the Global Investors Summit, the release added.

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