India News | Andhra, Tata Group's 7 GW Green Power Projects Deal to Attract Rs 49,000 Crore Investments

Amaravati, March 7 (PTI) The New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) and Tata Power Renewable Energy Ltd (TPREL) signed an agreement on Friday to develop 7 GW of renewable energy projects, which could attract investments worth Rs 49,000 crore.

The collaboration aims to position Andhra Pradesh as a leader in the country's renewable energy sector.

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"In a significant step towards achieving a greener and more sustainable future for Andhra Pradesh, NREDCAP and TPREL have signed a memorandum of understanding (MoU) for the development of 7 GW of renewable energy projects in the state," said an official press release.

NREDCAP Managing Director M Kamalakar Babu signed the agreement with TPREL in the presence of IT Minister Nara Lokesh, Energy Minister G Ravi Kumar, Chief Secretary K Vijayanand, and other officials.

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As part of its long-term vision, Andhra Pradesh aims to achieve 78.5 GW of solar energy, 35 GW of wind energy, 22 GW of pumped storage, and 1.5 MMTPA of green hydrogen capacity over the next five years.

The 7 GW of renewable energy projects under this agreement will generate approximately 33,000 jobs, significantly enhancing the state's energy infrastructure.

Additionally, these projects will help reduce 318 million tons of CO2 emissions, further strengthening the government's efforts to achieve its climate goals, the press release added.

The Tata company will focus on large-scale renewable energy projects, including ground-mounted solar, floating solar, wind and hybrid projects, with a total targeted capacity of up to 7,000 MW.

Furthermore, TPREL will explore additional opportunities in renewable energy development, with or without storage solutions, to further strengthen the clean energy ecosystem in the state.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)