Andhra Pradesh renegotiates contract for renewable energy project with Greenko

The Andhra Pradesh government expects to receive Rs 34.95 billion in additional revenue after successfully renegotiating the contract with Greenko for the proposed integrated renewable energy project (IREP). Greenko is developing 550 MW of wind, 1,000 MW of solar, and 1,680 MW of pumped hydro power capacities as a part of the IREP. As per the renegotiations, the state government claims to have doubled the land prices from Rs 0.25 million to Rs 0.5 million with the previous rate being fixed by the former government. This will result in an additional amount of Rs 1.19 billion. Further, the state government will allocate 4,766.28 acres of land to Greenko for setting up the project. The government has levied a “green energy development charge/cess” of Rs 100,000 per annum on each MW of power being produced by Greenko for all forms of renewable energy.

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