Andhra Pradesh is fast becoming a hotspot for big-ticket investments, with as much as ₹7 lakh crore in deals signed in the past eight months alone. Continuing this momentum, Tata Power Renewable Energy Limited has signed a whopping ₹49,000 crore investment, pushing the state’s renewable energy sector to new heights.
The agreement was inked on Friday in the presence of AP IT & Education Minister and TDP National General Secretary, Nara Lokesh. This agreement between Tata Power Renewable Energy Limited and the government of Andhra Pradesh will spur the state’s green revolution for energy, demonstrating its commitment towards sustainable development.
Tata Group already has a strong presence in Andhra Pradesh, and its subsidiary entity TCS has a data center in Visakhapatnam. Another Tata firm, Tata Power Renewable Energy Limited, is making a powerful foray now with significant investment in the state’s renewable energy.
According to the deal, ₹49,000 crore will be spent in the first phase to boost the renewable energy ecosystem and seek fresh growth areas in the sector. The move will help to trigger further investments, possibly over ₹10 lakh crore in the future, within five years. Andhra Pradesh is going to be a national clean energy champion with this.
Nara Lokesh inaugurated the conclave, noting the visionary outlook of Chief Minister N. Chandrababu Naidu toward green energy and highlighting the focus of the government on accelerating the transition to an energy regime which is sustainable in nature. Nara Lokesh further added that Andhra Pradesh is rapidly turning into an investors’ destination in renewable energy by virtue of business-friendly policies of the state government and ease in doing business.
Talking about his enthusiasm, Tata Power Renewable Energy Limited CEO & MD Dipesh Nanda said that the company is thrilled to join hands with the Andhra Pradesh government and contribute to the vision of clean energy for the state.
AP Energy Minister Gottipati Ravi Kumar, Chief Secretary Vijay Anand, and other high-ranking officials also attended the ceremony.