Latest news with #APIndustrialDevelopmentPolicy

Business Standard

With Jupiter in its orbit, Andhra Pradesh emerges as India's solar hub

Andhra Pradesh is emerging as a key hub for solar module and cell manufacturing in India, challenging established leaders like Gujarat, Rajasthan, and Tamil Nadu. Since the Nara Chandrababu Naidu government assumed office last year, the state has witnessed a surge in investments in this sector. The latest entrant this month is Kolkata-based Jupiter International, which plans to set up a 4.8 Gw (gigawatt) solar photovoltaic (PV) cell and 1.5 Gw module manufacturing facility at Rambili in Anakapalli district, with an investment of ₹2,700 crore. The investment is being made through its subsidiary, Jupiter Renewables. Additionally, the state is trying to rope in major players such as Waaree Energies, Tata Power Solar, and Vikram Solar, sources said. Other recent significant investments include a ₹69,000 crore project by Indosol Solar and Premier Energies. In March this year Premier Energies, India's second-largest fully integrated solar cell and module manufacturer, announced plans to shift its cell manufacturing unit from Telangana to Naidupeta Industrial Park in Nellore district. State government officials said that Premier Energies, in the first phase, will come up with a 5 Gw ingot and solar wafer manufacturing unit with an investment of ₹1,742 crore, followed by a second phase of 8 Gw solar cell manufacturing with ₹4,200 crore in investments. 'The latest entrant is Jupiter Renewables, which is establishing a 4.8 Gw solar PV cell and 1.5 Gw solar module manufacturing facility at Rambili. This will be done in two phases, with ₹1,504 crore in Phase 1 and ₹1,196 crore in Phase 2,' a government source said. The company did not respond to questions from Business Standard. Both phases are expected to be completed by July 2026. Industry sources indicate that tailor-made incentives and other facilitations under the AP Industrial Development Policy 2024–29 are helping the state attract solar manufacturing players. Jupiter submitted the proposal in March this year, and last Friday, the State Investment Promotion Board approved the project, extending a special package. The state has already cleared decks for allocating 142 acres at a concessional rate of ₹50 lakh per acre to Jupiter, sources said. They also indicate the company had sought tailor-made incentives of up to 78.48 per cent of total fixed capital investment on a project outlay of ₹2,700 crore, which will be disbursed over 10 years. The project is expected to create direct employment for over 2,000 people.