Andhra Pradesh's Clean Energy Policy-2024 Attracts Global Investors

The Andhra Pradesh Integrated Clean Energy Policy-2024 is gaining global attention, with investors from Norway and BRICS exploring opportunities. Key meetings with Energy Minister Gottipati Ravi Kumar underscored plans for solar and waste-to-energy projects. The policy aims to make Andhra Pradesh a renewable energy hub, attracting significant international funding.

The newly unveiled Andhra Pradesh Integrated Clean Energy Policy-2024 is capturing international interest, drawing investors from Norway and BRICS countries to explore opportunities within the state. On Friday, representatives from SAEL Solar, Norfund, and the United States Development Finance Corporation (DFC) convened with Energy Minister Gottipati Ravi Kumar to discuss potential renewable energy investments, including waste-to-energy projects and solar panel manufacturing initiatives.

According to an official statement, the policy is designed to lay a strong regulatory foundation for clean energy investments, a move that is attracting global attention. SAEL Solar, an established Indian renewable energy company operating across multiple states, met with prominent Norwegian and BRICS investors at Minister Kumar's Tadepalli residence. The discussions targeted potential investment in solar energy projects, waste-to-energy initiatives, and the manufacturing of solar panels in Andhra Pradesh.

The visiting delegation, which included representatives from Norfund—the Norwegian sovereign wealth fund—and the U.S. Development Finance Corporation, expressed optimism about the state's policy framework. Both have been significant contributors to SAEL's renewable energy projects, with Norfund investing USD 60 million through its Norwegian Climate Investment Fund and DFC providing USD 35 million to support SAEL's green initiatives.

SAEL Solar plans to develop 1,200 MW of renewable energy capacity in Andhra Pradesh, executed in two phases. Energy Minister Kumar, citing Chief Minister Nara Chandrababu Naidu's strategic leadership, noted the policy's alignment with the state's net-zero emissions target by 2047. The ICE policy fosters a conducive environment for investments and aims to transform Andhra Pradesh into a renewable energy hub. Kumar emphasized the state's commitment to fast-tracking permissions and company establishments, welcoming global investors to bolster its role in the worldwide energy transition.

(With inputs from agencies.)