July 2022 \ Business & Investment \ BUSINESS NEWS
AP clears Adani green projects worth Rs 15,740 crore

  • Mr Y.S. Jagan Mohan Reddy

AMARAVATI: In a boost to the green energy sector in Andhra Pradesh, Chief Minister Y.S. Jagan Mohan Reddy has cleared pump storage projects proposed by Adani Green Energy with a total capacity of 3,700 MW. The project was cleared in the State Investment Promotion Board (SIPB) review in June. CM Reddy has cleared the proposal of investment of Rs 15,740 crore which is a part of the proposed total investment of Rs 60,000 crore by Adani Group in the state of Andhra Pradesh that was discussed during the World Economic Forum meet at Davos recently. The project will generate 10,000 jobs across four districts of Andhra Pradesh.

Adani Group has proposed pump storage projects in four districts of the state - two plants to be set up in Parvathi Puram, one in YSR Kadapa, and one in Satya Sai district. In ParvathiPuram, a 1200 MW capacity plant will be set up in Kurukutti, and a 1000 MW plant in Karrivalasa.

Meanwhile, a 1000 MW plant will be set up in Gandikota while a 500 MW plant in Chitravathi. In each of these districts, Adani Group has proposed that they will be generating 3,000 jobs in Karukutty, 3000 in Karrivalasa, 1500 in Chitravathi and 2500 in Gandikota.

The project is stipulated to commence in December 2022 and is likely to be commissioned in December 2028. While the plants will be set up spanning across 1,490 acres of land, the state government has decided that the land will be leased from farmers at the cost of Rs 30,000 per acre in these districts, which will be transferred to the farmers directly. Meanwhile, the state will be generating a revenue of Rs 2,775 crore from the project in terms of the power stored and an additional Rs 980 crore from the SGST. “This will give a big boost to the state in terms of investment and a positive message as the employment rate continues to rise in the state,” Mr Reddy said in the meeting.

In other decisions taken in the SIPB meeting, the government has decided to apply for the PM MITRA scheme, which proposes to set up an integrated textile park in YSR Jagananna Mega Industrial Hub at Kopparthy in YSR District. The government, as per the conditions laid down under the scheme, has proposed that they would be fixing the power and water cost.