The TDP coalition government’s proactive efforts to attract investments are beginning to show results. A massive solar power project with an investment of ₹1,130 crore is all set to come up in the state. SAEL (SIL Solar MPHV Pvt. Ltd) has stepped forward to build a 300-megawatt solar power plant in Andhra Pradesh, marking another major step toward renewable energy development.

SAEL secured this project through a competitive bidding process conducted by the Solar Energy Corporation of India (SECI). Interestingly, the company doesn’t need to sign a power purchase agreement (PPA) with the local discom. As per the state’s power export policy, Andhra Pradesh will have the first right to buy the generated electricity. If not, SAEL has the freedom to sell the power to other states.

SAEL is no newcomer in the energy sector. The company already operates over 6.5 GW of independent power generation projects and runs a 3.55 GW solar module manufacturing unit using advanced tunnel oxide passivated contact technology. It also operates 11 waste-to-energy plants in Punjab, Haryana, and Rajasthan, using nearly 1 million tonnes of agricultural waste every year.

To fund the new solar project, SAEL has approached top global financial institutions. As per its bid proposal, Asia Infrastructure Investment Bank, New Development Bank, and Société Générale Group are likely to invest ₹377 crore each.

The state government aims to add 16,000 MW of solar power under its power export policy. Already, it has cleared proposals for five ultra-mega solar parks with a combined capacity of 12,200 MW.