(MENAFN- IANS) Amaravati, Nov 21 (IANS) The NPTC Green Energy Ltd (NGEL) on Thursday signed a joint venture with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to set up renewable energy projects worth Rs 2 lakh crore in the state,

Andhra Pradesh Chief Minister N. Chandrababu took to 'X' to reveal that NGEL has entered the joint venture.

Officials of NGEL and NREDCAP signed the agreement in the presence of the Chief Minister.

"The new ICE Policy 2024 continues to attract investments and pave the way for Andhra Pradesh to emerge as a clean energy hub. Today, NTPC Green Energy Ltd. signed a Joint Venture with NREDCAP to set up RE projects worth ₹2,00,000 Cr in Andhra Pradesh," he wrote.

"The focus will be on 25 GW Solar/Wind, 10 GW Pumped Storage, and 0.5 MMTPA Green Hydrogen. This historic project will create over one lakh jobs and position our state as a renewable energy leader at the forefront of India's green energy revolution," he added.

The joint venture is expected to create employment for 1,06,250 people with an estimated financial benefit of Rs. 20,620 crore over a period of 25 years.

NTPC Green Energy will facilitate securing financial and technical support and obtaining necessary clearances from the Centre and NREDCAP will identify suitable sites, provide data and encumbrance-free land, and assist in obtaining state-level permits and clearances.

NGEL is an umbrella company for the green business initiatives of the National Thermal Power Corporation (NTPC) and undertakes projects through organic and inorganic routes and aims to be the flag-bearer of NTPC's green energy journey to achieve the ambitious target of 60 GW by FY 2032.

The state government last month launched the Integrated Clean Energy Policy-2024. It has set an ambitious agenda for transitioning to renewable energy. With plans to develop 78.5 GW of solar and 35 GW of wind energy capacity, along with 25 GWh of battery storage, the sate aims to become a clean energy powerhouse. The state government said that this policy will not only contribute to India's net-zero target but also foster a circular economy, create 7.5 lakh jobs, and attract investments worth Rs 10 lakh crore.

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