The Business Bytes
Amaravati, November 21, 2024 (TBB Bureau): In a landmark move set to propel Andhra Pradesh to the forefront of India’s renewable energy revolution, NTPC Green Energy Ltd (NGEL) has signed a joint venture agreement with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to develop renewable energy projects worth Rs 2 lakh crore in the state.
The agreement was formalized in the presence of Andhra Pradesh Chief Minister N. Chandrababu, who took to ‘X’ to announce the monumental partnership.
“The new ICE Policy 2024 continues to attract investments and pave the way for Andhra Pradesh to emerge as a clean energy hub. Today, NTPC Green Energy Ltd. signed a joint venture with NREDCAP to set up RE projects worth Rs 2,00,000 Cr in Andhra Pradesh,” the Chief Minister stated.
The ambitious collaboration will focus on establishing 25 GW of solar and wind energy capacity, 10 GW of pumped storage, and 0.5 MMTPA of green hydrogen production. The initiative is expected to generate over 1,06,250 jobs and contribute Rs 20,620 crore in financial benefits over 25 years.
NGEL, a key player in NTPC’s green energy strategy, will spearhead the project by providing financial and technical support and ensuring central-level clearances. Meanwhile, NREDCAP will identify suitable sites, supply data, secure encumbrance-free land, and assist in obtaining state-level approvals.
Chief Minister Chandrababu hailed the initiative as a historic step toward achieving India’s net-zero targets and fostering a circular economy. “This project not only reinforces our commitment to sustainable development but also positions Andhra Pradesh as a renewable energy leader,” he added.
The collaboration is part of the state’s recently unveiled Integrated Clean Energy Policy-2024, which aims to develop 78.5 GW of solar, 35 GW of wind, and 25 GWh of battery storage capacity. The policy envisions attracting Rs 10 lakh crore in investments, creating 7.5 lakh jobs, and positioning Andhra Pradesh as a global clean energy powerhouse.
NGEL, the green energy arm of NTPC, is central to the corporation’s vision of achieving 60 GW of renewable energy capacity by FY 2032. By leveraging state-of-the-art technologies and fostering strategic partnerships, NGEL continues to lead NTPC’s transition into a green energy giant.
This joint venture underscores the alignment between Andhra Pradesh’s renewable energy ambitions and India’s broader goals for sustainable development and energy security.
