State government adviser Ajeya Kallam told the media at length how the government had renegotiated the agreement with Greenko for the launch of the Integrated Renewable Energy Project (IREP), which was approved under the PTT at a huge loss for the Exchequer.
He said the state is likely to receive additional revenue from the proposed project. It is in addition purely to the procedures already agreed by the previous government.
As part of IREP, the Hyderabad-based Greenko Group is currently implementing 550 MW of wind energy projects, 1,000 MW of solar energy projects and 1,680 MW of reverse pumping projects in the state.
In accordance with the renegotiations, the state government doubled the land price to Rs 5 Lakhs by acer of the existing Rs 2.5 Lakhs – the rate was set by the former TDP government.
This decision alone will seek the government of Andhra Pradesh Rs 119.16 crore which is equivalent to the single compensation set by the previous government TDP.
Andhra Pradesh will allocate 4,766.28 land acers to the Greenko Group for the implementation of the proposed project.
In addition, the Andhra Pradesh government has also levied a “green/cess energy development tax” of Rs 1,000,000 per year on each MW of energy produced by the group in all three formats – wind, solar and reverse pumping.
Although this fee/Cess is applicable for the first 25 years, the Greenko Group must pay Rs 2,50,000 per MW per year thereafter until the life of the respective projects. This itself would provide Rs 32.30 Crore per year to the chessboard of the state.
Kallam recalled that the previous TDP government had agreed to receive a one-time compensation of Rs 119 Crore from the Greenko Group.
However, in the best interests of the people of Andhra Pradesh, the current government led by the YSRCP has decided to change the compensation conditions that will greatly benefit the state and its economy.
Greenko Group’s proposed reverse pumping project would reduce the intermittency associated with renewable energy production.
The success of this project would promote the production of renewable energy in a large way in the state of Andhra Pradesh.
On the other hand, thanks to the efforts of the current government, compensation to the Exchequer of the State has been greatly increased, as we have obtained a recurring annual profit of 27% compared to the single remuneration set by the previous government, he said.
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