Vijayawada: In a significant step towards achieving a greener and more sustainable future of Andhra Pradesh, the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) and Tata Power Renewable Energy Limited (TPREL) signed a Memorandum of Understanding (MoU) for the development of seven gigawattrenewable energy projects in the state on Friday. This collaboration aims at positioning AP as leader in renewable energy sector.
Minister for energy Gottipati Ravi Kumar, IT, Electronics and HRD minister Nara Lokesh, chief secretary K Vijayanand and MD of NREDCAP M Kamalakara Babu, MD and CEO of Tata Power Renewable Deepesh Nanda, CFO Amit Mimani, group head-Strategy Taher Lokhanandwala, Garima Chaudary from Tata Power Renewables were present at the ceremony.
As per the MoU, NREDCAP will play a key role in facilitating the implementation of the renewable energy projects. It will assist in identifying, examining, selecting, and allotting land for setting up the projects.
Additionally, NREDCAP will provide support in obtaining all required statutory clearances necessary for project development. The organisation will also explore various financial assistance schemes, including the Central Financial Assistance (CFA) and viability gap funding (VGF) programmes to enhance the economic feasibility and saleability of power generated from these projects.
On the other hand, TPREL, either directly or through its affiliates, will be responsible for carrying out the preliminary assessment and feasibility studies for the identified renewable energy projects in the State.
