AP Power Sector gets a record funds in a single day

The Power Companies in Andhra Pradesh are booming as several financial institutions line up in giving funds to them. The state managed to get Power loans worth a whopping 7237 Crores on a single day (Thursday). This is a record of sort for any state in the country. The World bank was very impressed with the power conservation efforts of the government and proposed to help the power sector with 6000 Crores.

The Apex bank also evinced interest in funding the solar parks coming in the state. The State government has offered to sit down for a meeting with World Bank officials and finalize the MOU regarding this 6000 Crores very soon.

Power finance corporation has offered 1112 Crores to Discoms to cover the deficit of 1000 Crores inherited due to the state bifurcation. The 112 Crores in this amount will go for 4000 Solar Pumpsets which are to be distributed to the farmers. Center also promised to give a grant of 125 Crores in a week for the Solar pump sets and will be giving a grant of 375 Crores by 2015 for Solar Pump Sets. It is known that Andhra Pradesh Chief Minister Chandrababu Naidu has put special focus on the reforms in Power Sector and his efforts are paying off with the state all set to become Power surplus very soon.