Amaravati: Reliance Power plans to invest up to Rs 25,000 crore in renewable energy in Andhra Pradesh as the company intends to develop renewable energy projects on 2,600 acres of land near Krishnapatnam in the Nellore district. A formal proposal seeking government approval to utilise this land for the projects is expected to be submitted shortly.
Anil Ambani, director of the company, has made multiple visits to the state to identify suitable sites. After inspecting locations in Nellore and Anakapalle. Along with a team of experts, he toured the Nellore site on Thursday. Reports indicate that Reliance intends to proceed with the establishment of a plant in Nellore. Also, the investment is expected to be rolled out in phases.
The three megaprojects are in the pipeline; Reliance reportedly plans to set up three large-scale manufacturing units in Nellore including a solar wafer manufacturing unit, a solar cell and module manufacturing unit and an energy storage battery manufacturing unit.
The Nellore site offers several strategic benefits, including proximity to the seashore, raw material availability, and hassle-free transportation access to a nearby port for transportation.
The lands proposed for the projects were already allotted by the government for a thermal power project 16 years earlier. However, the proposal was scrapped due to technical developments, leaving the property undeveloped. Reliance's renewable energy plan is anticipated to revitalise this land and help the state achieve its green energy targets.
The development comes days after Reliance Power Limited announced a mega investment worth Rs 10,000 crores in solar power initiatives in Andhra Pradesh, which resulted in a surge in their shares by 5 per cent.
About Reliance Power
Reliance Power is part of the Mukesh Ambani-owned Reliance Group and was started to develop, construct, operate and maintain power projects in the Indian and international markets.
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