Andhra Pradesh Government Unveils Clean Energy Policy: Sops and GST Relief
Date: October 17, 2024
Categories: #GSTRecentNews
Read Time: 4 Min
The Andhra Pradesh government has announced its Integrated Clean Energy (ICE) policy, aiming for a massive investment of ₹10 lakh crore by 2047. The policy introduces several incentives, including concessional stamp duty, goods and services tax (GST) relief, and capital subsidies to boost clean energy initiatives in the state.
Key Features of the Clean Energy Policy:
- Capital Subsidies:
25% Capital Subsidy for:
Electrolyser stacks.
Integrated green hydrogen (GH) plant machinery.
Solar and wind energy generation projects.
Electrolyser manufacturing.
20% Capital Subsidy for:
Desalination plants.
Battery manufacturing.
- Renewable Energy Targets:
The state aims to achieve 78.50 GWp of solar energy.
Targeting 35 GW of wind energy.
Plans for 25-30 GW of clean tech manufacturing.
- GST Relief:
Reimbursement of the state’s share of net SGST for investments in green hydrogen and its derivatives for five years.
Similar incentives for investors setting up battery energy storage systems (BESS).
- Stamp Duty Reimbursement:
100% reimbursement of stamp duty on land purchased or leased for battery manufacturing.
Waiver of stamp duty for land acquired for pumped storage projects.
- Land Leasing Options:
Wind, solar, and hybrid power projects can lease government and private land at ₹31,000 per acre per annum.
Developers of pumped storage and mini/small hydropower projects can purchase government land outright for a minimum of ₹5 lakh per acre.
Government’s Vision
Chief Minister Nara Chandrababu Naidu emphasized that the policy is designed to harness the state’s renewable energy potential. This initiative is aimed at achieving net-zero targets while optimizing energy costs through renewable energy sources.
For more details on the Andhra Pradesh Clean Energy Policy, including investment opportunities and incentives, stay informed on the latest developments.
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