Andhra Pradesh held a successful investors meeting in Bengaluru ahead of its Global Investors Summit 2023, inviting investors to tap into the state’s potential in solar and wind energy.
The state of Andhra Pradesh showcased its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at a successful investors meeting held in Bengaluru. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam.
The state provides attractive opportunities for investing in renewable energy according to the honourable Finance Minister of Andhra Pradesh Shri. Buggana Rajendranath. While addressing the Investors Meet in Bengaluru honourable minister said, “With rich renewable energy hubs, the State carries the potential for setting up 38 GW in solar and 44 GW in wind.”
Renewable power sources account for a third of the total installed capacity in the State of Andhra Pradesh. The nine GW of renewable power installed capacity includes 4.3 GW of solar power and 4.1 GW of wind power. Apart from this, the state has geared up local administration to recycle waste and generate power from Biomass, Municipal Solid Waste, and Industrial Waste.
Andhra Pradesh government has created a shelf of 7 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 been identified for Pumped Hydro Storage Power Projects, carrying a potential of 33.2 GW. The state is looking to create the world’s largest ‘Integrated Renewable Energy Storage Project’ with an installed capacity of 4,230 MW and a storage capacity of 10 GWh.
The State is also making its way to become a leader in clean mobility and looking to convert all the APSRTC buses and 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 cities with an intent to convert 100% of all commercial & logistic fleets to electric fleets by 2029.
Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Bengaluru. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state.