YS Jagan Mohan Reddy Government in Andhra Pradesh had taken the controversial decision to review the PPAs and brought the power purchases to Zero. This has shaken investor confidence. The center has warned about serious consequences on the investments into the country with this decision but Jagan Government would not budge.
Finally, the Central Government’s worst fears have come true. It is said that the decision to review the PPAs has stalled grounding of new power projects proposed to add close to 3,310 MW both in private and government sectors. Wind Power Projects that were supposed to add about 2400 MW capacity by 2019-20 with a whopping 14,400 Crore investments were scrapped.
During the Chandrababu Naidu‘s regime between 2014 and 2019, Anantapur district added an installed capacity of 3531.25 MW out of which solar power projects accounted for 992.20MW with an investment of 6449.3 Crore. The total 3531.25 MW Capacity brought 22,953.13 Crore investment.
The investors are worried about the sanctity of the legal contracts if the subsequent governments do not honor them and so are skeptical about investing in Andhra Pradesh. The repercussions are already being felt in the projects of the other states as well.Follow Mirchi9 on Google NewsThis Week Releases on OTT – Check ‘Rating’ Filter
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