AP secures massive Rs 5.2 lakh crore pledges at CII summit

Andhra Pradesh has received investment pledges worth Rs 5.2 lakh crore across renewable energy, green hydrogen, pumped storage and related sectors during the first two days of the CII Partnership Summit in Visakhapatnam, with the potential to create over 2.6 lakh jobs, officials said

Visakhapatnam: Andhra Pradesh Energy Minister G Ravi Kumar announced that the State secured investment commitments worth Rs 5.2 lakh crore with the potential to create more than 2.6 lakh jobs, across the energy sector in just two days.

Spanning renewable energy, green hydrogen, pumped storage, biofuels, manufacturing, and hybrid RE projects, the Minister, in a release on Friday, said these pledges were made on November 13 and 14, the inaugural day of the 30th CII Partnership Summit in Visakhapatnam. Out of the total, investment deals valued at over Rs 2.94 lakh crore, expected to create nearly 70,000 jobs, were signed on November 13.

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Likewise, agreements to the tune of over Rs 2.2 lakh crore with the potential to create nearly two lakh jobs were finalised on November 14. According to Kumar, the investment pledges reflect a decisive shift in investor confidence, reinforcing Andhra Pradesh’s position as India’s fastest-growing clean energy and green hydrogen hub.

Chief Secretary K Vijayanand and New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) vice chairman and managing director M Kamalakar Babu also attended the exchanges of these Memoranda of Understanding (deals).