Latest news with #AxisEnergy
India.com
06-05-2025
- Politics
- India.com
'Axis of loot': YSRCP alleges massive scam in Andhra Power deal; government denies all charges
Former Andhra Chief Minister Jagan Mohan Reddy Arrested in Attempt to Murder Case New Delhi: The Yuvajana Sramika Rythu Congress Party (YSRCP) on Monday accused the Andhra Pradesh government of being involved in a major scam through a power deal signed with Axis Energy, a company that produces renewable energy. YSRCP leaders G Srikanth Reddy and G Amarnath said that the government agreed to buy power from Axis Energy at a fixed rate of Rs 4.60 per unit. They said this is very costly and will create a heavy financial load on the people of Andhra Pradesh for many years. 'This is not about buying electricity, this is about making profits. When cheaper options are available, choosing such a high rate is wrong and against public interest,' Srikanth Reddy said during a press conference in Hyderabad. They drew attention to, that when Y S Jagan Mohan Reddy endorsed a power deal with the Solar Energy Corporation of India (SECI) at Rs 2.49 per unit, leaders of the NDA alliance lambasted and claimed it would cause a loss of Rs 1.10 lakh crore. Now, for the next 25 years, the same NDA-led government has agreed to pay Rs 4.60 per unit. YSRCP leaders said this decision will fix the high rate even if prices go down in the future. Reddy and Amarnath also said that during the rule of the previous TDP government, dues to power companies rose from Rs 29,000 crore to Rs 86,300 crore, with a 24% compound annual growth rate (CAGR). They claimed that under Jagan Mohan Reddy's supervision, the CAGR came down to 7.2%. They also affirmed that even though Chief Minister N Chandrababu Naidu promised to lower electricity prices, his government has added a burden of Rs 15,000 crore on the public. In response, Andhra Pradesh Energy Minister G Ravikumar said that the statements made by YSRCP are not true. He claimed that the power purchases made by YSRCP were actually at higher prices than they publicly acknowledged. He also defended the Axis Energy project, saying it would create jobs, generate tax income, and provide a reliable power supply using solar, wind, and battery storage, depending on the state's needs. Ravikumar urged Y S Jagan Mohan Reddy to stop spreading what he called a 'malicious campaign' and to appreciate the current government's focus on transparency, clean energy, and long-term energy security for Andhra Pradesh. (With PTI Inputs)
India.com
06-05-2025
- Business
- India.com
YSRCP Alleges Massive Scam In Andhra Power Deal; Govt Denies Charges
The YSR Congress Party (YSRCP) on Monday made severe allegations against the Andhra Pradesh government, charging it with involvement in a "massive corruption scam" by way of an expensive renewable energy deal with Axis Energy. Speaking at a press conference in Hyderabad, senior YSRCP leaders G Srikanth Reddy and G Amarnath condemned the state's fixed-price power purchase agreement with Axis Energy at Rs 4.60 per unit as "profiteering in the name of procurement." "This is not a power agreement; this is daylight robbery. Locking into ₹4.60 per unit for 25 years when cheaper options are available is a betrayal of public interest," Srikanth Reddy stated. 'Axis' of Loot - 'Power'ed By Naidu-nomics The TDP-led coalition government has signed a power deal with Axis Energy to buy electricity at Rs 4.80 per unit for 25 years. This deal is almost double the rate of earlier agreements and will place a heavy burden on the people of… — YSR Congress Party (@YSRCParty) May 5, 2025 The leaders drew comparisons with a previous deal during Y S Jagan Mohan Reddy's tenure, where power was reportedly procured at Rs 2.49 per unit from the Solar Energy Corporation of India (SECI). They accused the current NDA-led coalition of double standards for previously criticising SECI's pricing as a Rs 1.10 lakh crore burden, while now committing to far higher rates. The YSRCP also argued that during the Telugu Desam Party (TDP)-ruled government, the dues to power firms had increased tremendously — from Rs 29,000 crore to Rs 86,300 crore — at a compound annual growth rate of 24%. In comparison, they said, this growth rate declined to 7.2% during the rule of Jagan Mohan Reddy. The opposition also claimed that while promising to lower power tariffs during the elections, the present government has instead added another burden of Rs 15,000 crore on people. Govt Responds: Deal Ensures Energy Security Rejecting the charges, Andhra Pradesh Energy Minister G Ravikumar termed the YSRCP allegations as "politically motivated and misleading." He justified the Axis Energy agreement by saying that the project comprises a diversified portfolio of solar, wind, and battery storage systems meant to cater to the actual energy requirement of the state in an efficient manner. "This agreement is not only about power rates; it ensures employment, tax revenue, and long-term energy security. The project will help create a more resilient and sustainable grid," the minister stated. Ravikumar called on former Chief Minister Y S Jagan Mohan Reddy to "end the malicious campaign" and endorsed the coalition government's adoption of transparency and sustainability in energy policy.
Hans India
21-04-2025
- Business
- Hans India
Evren, a joint venture development platform of Brookfield and Axis Energy, Signs 300 MW PPA with NTPC for Firm & Dispatchable Renewable Energy Project development in Andhra Pradesh
Evren, the joint venture renewable energy platform launched by Brookfield and Hyderabad-based Axis Energy Group, has signed a Power Purchase Agreement (PPA) with NTPC Limited, India's largest integrated power utility. This agreement, signed for a capacity of 300 MW, supports the development of close to 1 GW of renewable energy project including wind, solar and battery energy storage. The project will comprise of 500 MW of Wind, 330MW of Solar and Battery Energy Storage, ensuring Firm and Dispatchable Renewable Energy (FDRE) to meet peak demand reliably. The energy will be supplied at a tariff of ₹4.65/unit, with 0.7 paise/unit as trading commission for NTPC. The total investment for the project stands at USD 750 million and the project is being developed in the state of Andhra Pradesh. By leveraging hybrid and storage-based renewable technologies, this project will enable consistent, firm power supply, helping distribution companies to meet their peak hour demand for two hours in the morning and the evening peak respectively at the same time meeting the Renewable Purchase Obligations and manage grid stability effectively. Murali Surapaneni, Chief Executive Officer of Axis Energy said 'This agreement with NTPC is a proud moment for us. It reflects our continued commitment to delivering innovative clean energy projects that are scalable, sustainable, and aligned with the nation's vision for a green future. With Andhra Pradesh as a strategic base, we are excited to drive forward a project of this scale and complexity, and set new benchmarks in hybrid renewable energy deployment.' Evren currently holds a diversified portfolio of over 11 GW, including mid and late-stage wind and solar assets across India. This PPA marks a key milestone in the platform's commitment to accelerating India's energy transition through large-scale, integrated renewable solutions. This collaboration further strengthens Andhra Pradesh's emergence as a key destination for green energy investments and reaffirms Axis Energy's vision of enabling a sustainable and energy-secure future for the nation.
