The State Investment Promotion Board (SIPB) in its meeting held here on Monday under the chairmanship of Chief Minister Y.S. Jagan Mohan Reddy approved investments amounting to Rs.81,000 crore, a vast chunk of them in the green energy sector.
Green energy would give the much-needed fillip to the economy. It would especially create employment opportunities for the youth and help farmers in increasing productivity and revenue, Mr. Jagan Mohan Reddy said.
The biggest project for which the SIPB gave its nod is Indosol Solar Private Limited’s metallurgical grade silicon, polysilicon and float glass manufacturing plant at Ramayapatnam near Nellore in which Rs.43,143 crore is going to be invested in three phases. Indosol will also be setting up two solar power projects of 10 GW and 50 GW capacities.
The next big ticket investment is Rs.33,033 crore by Indosol Solar in pumped hydro, solar and wind power projects with a total 7,200 MW capacity at Pydipalem in Kadapa district.
Greenko got the SIPB nod for an investment of Rs.19,600 crore in Renewable Energy (RE) projects with a total 4,230 MW capacity.
The SIPB approved two pumped hydro storage power projects at Somasila and Yerravaram (total capacity 2,100 MW) to be established by Shirdi Sai Electricals Limited at a cost Rs.8,855 crore.
The SIPB gave its permission for an 1,800 MW hydro storage power plant proposed to be set up by Astha Green Energy with an outlay of Rs.8,240 crore at Ongimalla village in Kadapa district.
The SIPB also gave the nod for pumped hydro storage projects at Owk and Singanamala with 800 MW capacity each with a total investment of Rs.6,315 crore by Aurobindo group.
AM Green Energy Private Limited got the approval for a Rs.5,000 crore investment in RE projects having 1,000 MW capacity in Kurnool and Nandyal districts.
Lyfius Pharma had the decks cleared for an investment of Rs.1,900 crore in an active pharmaceutical ingredient manufacturing unit in Kakinada SEZ. It is intended to reduce the dependency on China for API drugs.
Electric bus unit
Another approval is for Causis E-Mobility’s electric bus manufacturing unit and charging facilities at Kopparthi in YSR district (Rs.386.23 crore). It is proposed to manufacture 1,000 buses in the first phase and scale it up later.
Some other projects were also cleared in the SIPB meeting which was attended by Deputy Chief Minister B. Mutyala Naidu, Ministers Peddireddy Ramchandra Reddy, Buggana Rajendranath Reddy, Gudivada Amarnath, Audimulapu Suresh and G. Jayaram, Chief Secretary Sameer Sharma and other officials.