Andhra Pradesh attracts investors from Norway, BRICS with Integrated Clean Energy Policy 2024

Representatives from SAEL Solar, Norfund, and the United States Development Finance Corporation (DFC) met Energy Minister Gottipati Ravi Kumar on Friday to discuss potential investments in renewable energy, waste-to-energy initiatives, and solar panel manufacturing.

An official statement read: "The Andhra Pradesh Integrated Clean Energy Policy-2024, designed to establish a robust regulatory framework for clean energy investments, is attracting international attention. SAEL Solar, a leading Indian renewable energy company operating across 12 states, together with prominent investors from Norway and BRICS nations, met Energy Minister Gottipati Ravi Kumar at his residence in Tadepalli on Friday. Discussions centred on potential investments in solar energy projects, waste-to-energy initiatives, and solar panel manufacturing in Andhra Pradesh."

The statement continued: "The visiting delegation, including representatives from Norfund (the Norwegian sovereign wealth fund) and the Development Finance Corporation (DFC) of the United States, expressed confidence in Andhra Pradesh's policy framework. Both entities have played key roles in SAEL's renewable energy projects, with Norfund contributing USD 60 million via its Norwegian Climate Investment Fund and DFC providing USD 35 million to support SAEL's green energy initiatives."

Additionally, it noted that SAEL Solar is planning to develop 1,200 MW of renewable energy capacity in Andhra Pradesh, split into two phases of 600 MW each. This ambitious project highlights the state's potential as a renewable energy hub.

Energy Minister Gottipati Ravi Kumar was quoted as saying: "Under the visionary leadership of Chief Minister Nara Chandrababu Naidu, Andhra Pradesh has emerged as a front-runner in clean energy innovation. The Integrated Clean Energy Policy-2024 aligns with our commitment to achieving net-zero emissions by 2047. The policy fosters an investment-friendly environment with balanced incentives, setting the stage for a clean energy revolution in the state. Over the last five years, the YSRCP government's approach discouraged investors, hindering industrial growth. However, we are now welcoming investors wholeheartedly, granting permissions swiftly to ensure rapid establishment of companies. The ICE policy is specifically designed to attract global investors, ensuring Andhra Pradesh's transformation into a renewable energy hub. Over the next five years, we will significantly scale up our renewable energy capacity, asserting our rightful place as a leader in the global energy transition."

The statement concluded by reiterating the state's commitment to expediting permissions and facilitating investments, further strengthening Andhra Pradesh's position as a preferred destination for clean energy ventures. (ANI)