Andhra Pradesh has come forward to participate in several memoranda of understanding (MoUs) for green energy projects. The project's total cost has been estimated to be worth Rs.81,000 crore. The state stands highest among all others, as it has identified 30 energy efficiency financing projects. According to the TOI report, The Bureau of Energy Efficiency has estimated the state's investment potential to be more than Rs.412.30 crore in energy efficiency.
On Friday, regarding the ongoing national energy conservation week celebrations, AP State Energy Conservation Mission organized an investment bazaar workshop. The main agenda of the workshop was to bring together energy experts, solution providers, products and services, and other critical stakeholders from the government, financial institutions, industry, and others on one platform. They together shared and deliberated the best practices, ideas, and financing options in the energy efficiency space.
AP Investment Bazaar Workshop
Chief Secretary KS Jawahar Reddy addressed the crowd and noted that investors have been very interested in the state government's efforts for green energy and increasingly favorable economic conditions. "This will turn AP into one of the nation's most alluring locations for renewable energy. The state government is committed to achieving power sector self-sufficiency and meeting all future energy demands. The demand for electricity in AP is increasing as a result of urbanization, industrial growth, economic development, and consumer growth.
The state is looking at energy efficiency as a valuable instrument for giving everyone access to affordable, sustainable electricity. According to Jawahar Reddy, this will be the most effective and affordable way to fulfill the rising energy demand and improve energy security.
The chief secretary also discussed the 5% interest subsidy plan for MSMEs and businesses. The state and the country's energy efficiency goals will ultimately benefit from the implementation of many energy efficiency projects that will be attracted by this.
In response to the chief secretary, BEE director Sunil Khandare stated that the department of expenditure within the Union minister of finance is now reviewing the scheme. According to Sunil Khandare, India has the potential to invest Rs 10 lakh crore in energy savings by 2031 in several important sectors, including the industrial, commercial, home, transportation, municipal, and agricultural sectors.
According to Special Chief Secretary for Energy K Vijayanand, AP is holding investment bazaars to draw capital to the energy efficiency sector. "Many national banks, private banks, and non-banking financial entities took part in the AP State Energy Conservation Mission (APSECM) investment bazaar. They are showcasing their further interest in providing financial aid for the AP energy efficiency projects.
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