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NGEL Signs JV with NREDCAP for Rs 1.87 lakh cr Project in AP

NPTC Green Energy (NGEL) and the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) have entered a joint venture to invest Rs 1.87 lakh crore in renewable energy projects within the state. The agreement, signed on 21 November, 2024 in the presence of key officials including Andhra Pradesh Chief Minister N Chandrababu Naidu, and aims to enhance the state’s energy capacity.

 

The joint venture is expected to generate employment for 1.06 lakh people and deliver a Rs 20,620 crore financial benefit over the next 25 years. The partnership will focus on setting up 25 GW of solar, wind, and hybrid energy projects, alongside the production of 0.5 MTPA of green hydrogen, green ammonia, and green methanol. Additionally, 10 GW of pumped hydro capacity will be developed in suitable locations across the state.

 

The first phase of this project is planned for completion by May 2027. This initiative is seen as crucial for securing the state’s energy future and contributing to India's national renewable energy targets. Energy Minister Gottipati Ravi Kumar highlighted that the project will be pivotal in securing the energy landscape of the state, while the state's special Chief Secretary for energy, K Vijayanand described the collaboration as a potential model for other states to follow.

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