Uttar Pradesh has become a favourite destination for investors in the past few months. A better political climate, law and order reforms, and support from the centre are key reasons for this growth. It is for the first time that a sitting chief guest got re-elected to the chair. Before this, only 2 chief ministers could complete their full term, let aside getting re-elected. Simply put, Uttar Pradesh has been doing good in luring investments to the state. Even in the UP Investors Summit 2022, more than Rs. 80,000 Cr was committed to the state.
Proposals in the Clean Energy sector were worth Rs.4782 Cr which is a remarkable figure in itself. The state government has been very collaborative and cooperative with the investors and thus the investors are rushing in to get a piece of the pie. It is understandable that the investors feel that this government is here to stay and is trying its best to improve the ease of doing business.
According to a government spokesman, there are 23 projects in the renewable energy sector coming up in 21 districts. SJVN or Satluj Jal Vidyut Nigam, a joint venture between the Government of India and the Government of Himachal Pradesh is the largest investor with an investment worth Rs. 1000 Cr for 3 projects in total in the Solar Energy segment.
Canada-based AMP energy also was a top investor in the Rs. 200-500 Cr category with projects worth Rs.450 Cr and Rs.300 Cr in Balia and Mau districts. SAEL Limited and Hindustan Petroleum Corporation Limited have also invested Rs. 170 Cr and Rs. 125 Cr respectively in key projects across the state.
Implementation of the PM Kusum scheme will also facilitate the setting up of Solar/Renewable Energy Power plants, installation of solar agricultural pumps and solarisation of connected agricultural pumps.
Recently the State Finance Minister in his presentation for the budget mentioned the development of a Green Energy Corridor in the Bundelkhand area to unlock 4 GW of solar power. With the Prime Minister’s commitment to make Uttar Pradesh a 1$ Trillion economy, large efforts are being made to promote sustainable development coupled with economic growth.
The state budget has also seen allocation for promoting energy from organic waste; 14 projects have been identified to produce bio-ethanol, bio-diesel, methanol, bio-gas and bio-coal etc. It is understood that the government is also planning to promote rooftop grid-connected solar projects across various cities and villages.
All these investments and initiatives are perfectly in line with the centre’s goal of developing 500 GW of installed renewable energy capacity by 2030. Kerala and Maharashtra are the only other states that are making comparable efforts in this space. Uttar Pradesh is transforming for the good and these investments including foreign capital being pumped in are a testament to this. Especially for a state which was marred with political instability and violent crimes for decades, it leading the country and showing the way for achieving renewable goals is definitely a breath of fresh air.
Do follow us for more such updates!