TGREDCO partners with Ecorace for Rs 29,000 crore investment to create 5,600 MW of green energy

Hyderabad: Telangana Deputy Chief Minister Bhatti Vikramarka Mallu said that national and international companies are coming forward to invest in Telangana due to the new clean and green energy policy brought by the State government.

Representatives of Ecorace Energy India Private Limited and GPSR Arya Private Limited signed an MoU with TGREDCO (Telangana State Renewable Energy Development Corporation Limited) to invest Rs 29,000 crore in the Telangana Institute of Rural Development Organisation in the presence of Bhatti Vikramarka at Rajendranagar here on Wednesday.

“I am very delighted that Ecorace Energy India Private Limited has come forward and signed an MoU with the State government on Wednesday to generate 5,600 MW of green energy with an investment of Rs 27,000 crores in the state due to the clean and green energy policy brought by the State government,” the deputy chief minister said.

‘Davos investments were due to the new energy policy’

Speaking on the occasion, the deputy chief minister recalled that chief minister A Revanth Reddy and minister for IT Duddilla Sridhar Babu went to Davos and signed an MoU with the Sun Petro Company to invest Rs 20,000 crore to generate 3,400 MW of pumped storage electricity due to the introduction of the new energy policy.

Similarly, Megha has come forward to invest Rs 7,500 crore to generate 1,500 MW of pumped storage power. He said that these two companies are in the process of preparing the DPR. The new projects belonging to these two companies will start in the state in a few days, he said.

‘Green policy will help meet Telangana’s energy policy’

He also said that with the investments coming into the State for green energy production, there is an opportunity to move forward quickly to meet the electricity needs of the people of the state. Despite the peak demand of 15,623 MW in 2023 and the peak demand of 17,162 MW on March 20 this year, quality electricity was supplied to consumers without any interruption through a robust strategy.

With the Hyderabad metropolis developing day by day and the State government’s new initiatives, such as the Regional Ring Road, Musi Punarjeevam and Future City, the electricity requirements are expected to increase in the future. A few companies have conducted a survey and sent a report to the Centre.

‘Energy demand will increase’

Based on this, the government is moving forward by preparing plans for power generation and clean and green energy, estimating that the peak demand will increase to 24,215 MW by 2029-30 and 31,809 MW by 2034-35. The State government has prepared plans and is moving forward with an action plan with the aim of producing 20,000 megawatts of green energy by 2030 and another 20,000 megawatts by 2035, for a total of 40,000 megawatts, he said.

Representatives of Ecorace Energy India Private Limited, which has signed an MoU with TGREDCO, have formulated an action plan, fixed a calendar and made green energy production available within a specific deadline. The State government will provide necessary assistance for this.

He also commended GPSP Arya for coming forward with an MoU with TGREDCO to invest Rs 2,000 crore for the development of compressed bio-gas projects in 15 districts. Given the high rice cultivation in the state, compressed biogas produced from rice straw is expected to be of economic benefit to farmers, he added.