SIPB approves Rs 81,000 cr investment in green energy

Vijayawada: The State Investment Promotion Board (SIPB) meeting held here on Monday under the chairmanship of Chief Minister YS Jagan Mohan Reddy approved investments of Rs 81,000 crore in green energy sector besides others to give a fillip to industrialisation in the state.

The Chief Minister said that green energy would change the face of economy of the state which would provide employment opportunities to youth and would also help farmers to increase the productivity and their revenue. Major industries are coming forward in this direction, he said.

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

Lyfius Pharma would be investing a total of Rs 1,900 crore providing employment to 2,000 people and the unit would be ready by April 2024. This is in a bid to reduce the dependency on China on API (Active Pharmaceutical Ingredients) drugs and the state has allocated 236.37 acres of land.

Inosol Solar Private Limited would invest Rs 43,143 crore in three phases for the manufacture of metallurgical grade silicon, poly silicon, float glass and other products which will provide direct employment to 11,500 and indirect employment to over 11,000 and the plant will come up at Ramayapatnam near Nellore for which 5,147 acre is allotted. The company will also setup solar power projects of 50 GW and 10 GW.

In Krishna district, Avisa Foods would investment Rs 150 crore for its unit at Mallavalli Mega Food Park providing employment to 2,500 workers. The company will start functioning from March 2023 and 11.64 acre were allotted to it.

The board has given approval for six green energy projects aggregating Rs 81,043 crore providing an employment to 20,130 people.

At Ongimalla of YSR district, Astha Green Energy would invest Rs 8,240 crore for an 1,800 MW hydro storage power plant in 1,390 acre which will provide employment to 4,000 and is likely to complete by December 2029.

The board has approved two pumped hydro storage power projects at Somasila and Erravaram. Shirdi Sai Electricals Limited will take up the two projects of 900 and 1,200 MW respectively at a cost Rs 8,855 crore and plans to complete works by 2029. The two plants will employ 1,600 people.

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 crore to be invested by Aurobindo Group providing employment to 1,600 and the project work will be completed by December 2028. In YSR district, at Pydiallem Indo Sol Solar would invest Rs 33,033 crore for the generation of 7,200 MW in pumped hydro, solar and wind power projects.

AM Green Energy Private Limited will invest Rs 5,000 crore for 700 MW solar and 300 MW wind power projects at Kurnool and Nandyal districts.

Greenko would invest Rs 19,600 crore in pumped storage (1,680 MW), solar (2,300 MW), and wind power (250) and provide employment to 4,230 people.

Deputy Chief Minister B Mutyala Naidu, minister Peddireddi Ramchandra Reddy, Buggna Rajendranath Reddy and officials were present at the meeting.