VIJAYAWADA: The energy department is planning to frame a special mechanism to realise the Memoranda of Understanding (MoUs) for investments to the tune of Rs 9.57 lakh crore in the energy sector. If realised, the pacts would create 1.8 lakh jobs.
It may be recalled that the State government had attracted huge investments in the energy sector, helping it enhance green energy in the State at a faster pace. This is expected to give lucrative solutions to enhance energy security, reduce energy intensity on finances and protect the environment in the coming years.
During a review meeting with power utilities on investments in the energy sector, Special Chief Secretary (energy) K Vijayanand emphasised the need to focus on realising the 42 MoUs signed for the energy sector during the Global Investors Summit in March-2023, including investments for 25 GW renewable energy plants in Anantapur, Kurnool, Kadapa, Visakhapatnam and Vizianagaram districts. Prior to the Summit, the State had signed pacts worth Rs 81,000 crore in the energy sector.
“Materialising and grounding all these investments will make the energy sector in Andhra Pradesh create new growth opportunities, jobs and sustainable development,” Vijayanand observed.
Pointing out that the State has a congenial atmosphere for renewable energy generation with plenty of solar and wind energy resources, besides a transparent policy and regulatory environment, he said AP has already made advancements in promoting renewable energy sources through a renewable energy export policy.
“The government is taking measures to establish hybrid pumped hydro storage projects, develop solar parks and promote rooftop solar installations and also take steps to promote energy storage, which is critical for the integration of renewable energy into the grid. The State has already identified pumped hydro storage power projects (PSP) at 29 locations with a total potential of 33,200 MW,” he added. He remarked that the future of the green energy sector in AP appears very bright.