AP Inks Rs 1.1 Lakh Crore Pact for Mega Green Energy Push

Visakhapatnam: The government of Andhra Pradesh, through the New and Renewable Energy Development Corporation of AP Ltd (NREDCAP), has signed a Memorandum of Understanding (MoU) with ABC Cleantech Pvt Ltd (Evren) and Axis Energy Ventures India Pvt Ltd to invest Rs 1,10,250 crore in renewable energy projects across the state. Evren is a joint venture company owned 51 per cent by Brookfield Renewables and 49 per cent by Axis Energy.

The MoU was signed between Dr M. Kamalakara Babu, vice-chairman and managing director of NREDCAP, Kataru Ravi Kumar Reddy, chairman of ABC Cleantech Pvt Ltd (Evren), and S. Murali chief executive officer of Axis Energy in the presence of Chief Minister N. Chandrababu Naidu.

Under the agreement, Evren will develop 6,500 MW of wind power, 6,500 MW of solar power, 6,500 MWh of energy storage, and produce 0.25 MTPA of green hydrogen along with 1 MTPA of its derivatives. The total proposed investment of Rs 1,10,250 crore will significantly boost Andhra Pradesh’s renewable energy capacity and support India’s broader decarbonisation targets.

Energy generated from these projects will be supplied to Andhra Pradesh’s electricity distribution companies (Discoms) and is also expected to power emerging industrial sectors such as data centres, green hydrogen, and green manufacturing facilities being established in the state.