AP's fillip to green energy as SIPB clears Rs 81,000 cr investments

AMARAVATI: The Andhra Pradesh State Investment Promotion Board (SIPB), at a meeting presided over by Chief Minister YS Jaganmohan Reddy, approved investments to the tune of Rs 81,000 crores, largely focused on the green energy sector. The latest investment push is aimed at giving a fillip to industrialisation with special focus on green energy and other sectors in the State.

The Chief Minister speaking on the occasion said, "green energy will change the face of the economy of the State and provide employment opportunities to youth. It will also help farmers to increase their productivity and revenue. Major industries are coming forward in this direction."

Causis E-Mobility will be investing Rs 386.23 crore, of which 286.23 will be for electric buses unit and the remaining Rs 100 crore for basic charging facilities in Kopparthi of YSR district. In the first phase of its implementation, it is expected to manufacture 1,000 buses using modern technology with employment opportunities for over 1,200 unemployed youth across the state.

A total of Rs 1,900 crores will be invested by Lyfius Pharma, providing employment to 2,000 people. In a bid to reduce the dependency on China on API drugs, the State has allocated 236.37 acres of land to establish the company. It is proposed to commence in April 2024.

Inosol Solar Private Limited is said to invest Rs 43, 143 crores in three phases for the manufacture of metallurgical grade silicon, polysilicon, float glass and other products. This investment is set to provide direct employment to 11,500 and indirect employment to over 11,000 across the state. The plant will be constructed in Ramayapatnam near Nellore for which 5,147 acres were allotted. The Company will also set up power projects of 50 GW and 10 GW.

Avisa Foods has agreed to invest Rs 150 crores for its unit at Mallapalli Mega Food Park providing employment to 2500 workers in Krishna District and 11.64 acres were allotted to it. The Company is expected to commence in March 2023.

The Board has given approval for six green energy projects aggregating Rs 81,043 crores and providing employment to 20,130 people. It has also approved two pumped hydro storage power projects at Somasila and Erravaram.

At Ongimalla of YSR district, Astha Green Energy will invest Rs 8,240 crores for an 1800 MW Hydro Storage Power Plant spread over 1,390 acres. The project aims to provide employment to 4,000 and the construction is likely to be completed by December 2029. Shirdi Sai Electricals Limited will take up the two projects of 900 and 1200 MW respectively at a cost of Rs 8,855 crores and plans to complete works by 2029. The two plants are set to employ 1600 workers.

The Board has also given the nod for Pumped Hydro Storage Projects at Owk and Singanamala, 800 MW each, with an investment of Rs 6,315 crores. The project is funded by Aurobindo Group providing employment to 1600. The project work will be completed by December 2028.

Indo Sol Solar would invest Rs 33,033 crore for the generating of 7,200 MW in pumped hydro, solar and wind power projects at Pydiallem in the YSR district. AM Green Energy Private Limited will also be investing Rs 5,000 crores for 700 MW solar and 300 MW Wind power projects in Kurnool and Nandyal districts. Greenko is all set to invest Rs 19,600 crores in pumped storage (1680 MW), Solar (2300 MW), and Wind power (250) and provide employment to 4,230 people.

Deputy Chief Minister B Mutyala Naidu, Ministers Peddireddy Ramchandra Reddy, Buggna Rajendranath Reddy, Gudivada Amarnath, A Suresh, G Jayaram, CS Sameer Sharma and other officials participated in the meeting.