Amaravati, Nov 21 (PTI) NPTC Green energy Ltd (NGEL) inked a joint venture with New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) on Thursday to invest Rs 1.87 lakh crore for setting up renewable energy projects in the state.

The agreement inked in the presence of Chief Minister N Chandrababu Naidu, Energy Minister Gottipati Ravi Kumar and others at the secretariat will generate employment for 1.06 lakh people and garner a financial benefit of Rs 20,620 crore over 25 years for the state.

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"This joint venture will take a step towards making Andhra Pradesh numero uno (Number one) in energy (renewable). The state government will always be at the forefront to encourage solar, wind, pumped storage, green hydrogen and green ammonia energy projects," said Naidu in an official press release.

Under the joint venture, 25 GW of solar, wind and hybrid energy projects would be set up in the state, including producing 0.5 MMTPA of green hydrogen, green ammonia and green methanol.

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Further, 10 GW capacity of pumped hydro projects will be developed in suitable places in the southern state.

Naidu proposed to complete the first phase of this joint venture by May, 2027. Energy Minister Gottipati Ravi Kumar observed that the joint venture is a crucial step to secure Andhra Pradesh's energy future, which will also contribute to national renewable energy goals.

Likewise, special chief secretary, energy, K Vijayanand noted that the partnership between NREDCAP and NGEL would serve as a model for other states, helping to meet both local and national energy requirements sustainably.

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