515 Crore Loan for AP’s Green energy Corridor!

Chandrababu Naidu who brought several reforms in electricity and ensured uninterrupted Power supply to the state, had set a big target of achieving 5,000 MW solar power and 4,000 MW wind power by 2019 to meet the twin objectives of energy security and clean energy considerations. Impressed with the government’s plans, KFW, a German Bank, has agreed to sanction Rs 515 crores at concessional rate of interest towards green energy corridor.

The Power utilities need 1289 Crore for the completion of the solar and wind projects. These projects are to be executed with the funding of Centre and international financial institutions.The state government is now contemplating to constitute a task force for expediting renewable energy projects.

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From the developers selected based on a competitive procurement process, the Discoms would procure around 2,000 MW of solar power capacity in the next 4 to 5 years and would enter a long-term Power Purchase Agreement (PPA) of 25 years The state government will extend all facilities and fiscal incentives provided by Central government/ National Solar Mission to the manufacturers in solar parks.