Uttar Pradesh Receives Rs 2 Lakh Crore Investment Commitments in Solar Sector

A state energy minister A K Sharma stated that Uttar Pradesh received investments commitments in the sector of solar energy and related industries, amounting to Rs 2 lakh crore.

Sharma, told PTI that the state has launched the “Uttar Pradesh Solar Energy Policy 2022” which aims at setting up 22 gigawatts (GW) of green energy projects in the state by 2027.

The minister was part a delegation that visited New Delhi last Wednesday for a roadshow as part of the Global Investors Summit in Lucknow, February 10-12.

In response to a question about investment targets in RE, the minister stated that “the policy is only two months old” and had already received commitments of Rs 2 lakh crore for solar and related sectors.

He said that the state’s green energy demand will grow through rooftop solar projects and ground-mounted projects in agricultural fields.

Sharma stated that the government also plans to establish utility scale projects, super mega solar parks, distributed systems, and model solar cities.

He encouraged investors to invest in the state and noted that the policy offers various subsidies, incentives, and incentives for solar energy generation, storage, and production.

Sharma stated that the state also launched a Bio-Energy Policy 2022 in order to help the country achieve its net zero goals.

Sharing details of the policy, he said it aims at setting up compressed bio gas plants, bio-coal, bio-diesel/bio-ethanol plants utilising different kinds of wastes like agri waste, waste from sugar mills, municipal waste, among others.

This policy will also provide support to investors, such as exemption from stamp duty on land acquisitions for these projects and exemption of electricity duty for a 10-year period.

Sharma stated that there are huge business opportunities in the state’s clean energy sector and that investors should take advantage of these areas to make good returns. He said that the demand for clean energy in the state is increasing due to various government programs and initiatives.