+
Up to INR 50 billion in green investments desired in UP
POWER & RENEWABLE ENERGY

Up to INR 50 billion in green investments desired in UP

The Uttar Pradesh (UP) government wants to entice private investments up to INR 50 billion in the solar and bio-energy industries, riding the wave of the worldwide transition to green energy. Over the next five years, the state wants to produce 22,000 megawatts (MW) of solar energy. 6,000 MW would come from rooftop solar power plants and 14,000 MW would come from solar parks. In accordance with the center, the government is also developing a green hydrogen policy. In this decade, the Asia-Pacific area is anticipated to experience the fastest growth worldwide.

AK Sharma, the state's energy minister, has given the go-ahead for officials to hasten the policy's formulation in order for the Cabinet to approve it more quickly. “The state's transition to a trillion- dollar economy will be significantly aided by the new and expanded energy industry. Work should be done to create industry-specific employment opportunities”, he said.

India's green hydrogen strategy provides 25 years of free interstate power transmission and cheaper renewable energy for projects that are completed before June 2025. Land at lower prices in energy parks and zones designated for nearby enterprises are among the incentives. By employing renewable energy to electrolyze water, green hydrogen can be created. Later, hydrogen and nitrogen can be mixed to create "green" ammonia, removing the need for planet-warming hydrocarbons. Green ammonia is used to produce fertilisers and store energy.

The global market for green hydrogen, which was anticipated to be worth USD 1.83 billion in 2021, is expected to reach approximately USD 90 billion by 2030, growing at a CAGR of 54% between 2021 and 2030, according to studies.

India's green hydrogen goal, which was unveiled in 2021, calls for a quick increase in production to turn the nation into a centre for green hydrogen. Anupam Shukla, Director, UP New and Renewable Energy Development Agency, reported that the state has already received investment bids of INR 185 billion in the industry. The state now intends to make proactive contact with both domestic and foreign firms in the sector. To entice private enterprises, the energy department will organise an investment meeting in January 2023.

The Uttar Pradesh (UP) government wants to entice private investments up to INR 50 billion in the solar and bio-energy industries, riding the wave of the worldwide transition to green energy. Over the next five years, the state wants to produce 22,000 megawatts (MW) of solar energy. 6,000 MW would come from rooftop solar power plants and 14,000 MW would come from solar parks. In accordance with the center, the government is also developing a green hydrogen policy. In this decade, the Asia-Pacific area is anticipated to experience the fastest growth worldwide. AK Sharma, the state's energy minister, has given the go-ahead for officials to hasten the policy's formulation in order for the Cabinet to approve it more quickly. “The state's transition to a trillion- dollar economy will be significantly aided by the new and expanded energy industry. Work should be done to create industry-specific employment opportunities”, he said. India's green hydrogen strategy provides 25 years of free interstate power transmission and cheaper renewable energy for projects that are completed before June 2025. Land at lower prices in energy parks and zones designated for nearby enterprises are among the incentives. By employing renewable energy to electrolyze water, green hydrogen can be created. Later, hydrogen and nitrogen can be mixed to create green ammonia, removing the need for planet-warming hydrocarbons. Green ammonia is used to produce fertilisers and store energy. The global market for green hydrogen, which was anticipated to be worth USD 1.83 billion in 2021, is expected to reach approximately USD 90 billion by 2030, growing at a CAGR of 54% between 2021 and 2030, according to studies. India's green hydrogen goal, which was unveiled in 2021, calls for a quick increase in production to turn the nation into a centre for green hydrogen. Anupam Shukla, Director, UP New and Renewable Energy Development Agency, reported that the state has already received investment bids of INR 185 billion in the industry. The state now intends to make proactive contact with both domestic and foreign firms in the sector. To entice private enterprises, the energy department will organise an investment meeting in January 2023.

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?