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Madhya Pradesh to invest ₹500 Million by 2027 for renewable energy generation
15 Oct 2022
Madhya Pradesh: Madhya Pradesh intends to invest ₹150 billion (~$1.82 billion) by 2024 and ₹500 billion (~$6.06 billion) by 2027 for renewable energy generation.
The Madhya Pradesh Renewable Energy Policy 2022 says an investment of ₹40 billion (~$485.62 million) by 2024 and ₹100 billion (~$1.21 billion) by 2027 has been planned in renewable energy equipment manufacturing.
The state aims to generate 20% of its electricity through renewable sources by Financial Year (FY) 2024, 30% by FY 2027, and 50% by FY 2030.
The policy will be valid for five years. The Office of the Commissioner, New and Renewable Energy Department under the Madhya Pradesh Government will be the nodal agency for implementing the policy.
Madhya Pradesh aims to develop a 10 GW renewable energy technology-based park by FY 2027. It also intends to develop 4 GW of renewable energy projects for exporting power outside the state by FY 2024 and 10 GW by FY 2027.
The policy aims to make all state-level government departments green energy-compliant by 2030, leaving a net zero carbon footprint. The state hopes to generate more than 10,000 new jobs in the renewable energy sector by 2024 and 50,000 jobs by 2030.
Incentives for RE developers
Renewable projects will be entitled to receive a 100% exemption from payment of electricity duty on the generation of electrical energy for ten years from the date of commissioning. No energy development cess will be payable on the power supplied by renewable energy projects for ten years from commissioning. Developers will be eligible for a 50% stamp duty reimbursement on purchasing private land for the project.
The wheeling facility will be available to all renewable power projects through state distribution companies. A 50% waiver on the wheeling charge will be applicable for five years from the date of commissioning.
Incentives for storage
An additional incentive will be available for renewable energy-based projects employing any commercially available energy storage technology. To qualify for this additional incentive, the renewable energy power project having a rated capacity of “X” MW must have a minimum storage capacity of “X/10” MWh. Renewable projects with storage will be exempted from payment of 20% of registration-cum-facilitation fees.
Renewable projects with storage will be exempted from paying electricity duty for ten years from commissioning projects for power supply to distribution licensees, third parties, or for captive use. Developers will be eligible for a 15% stamp duty reimbursement on purchases of private land for the project.
Incentives for RE equipment manufacturers
Manufacturers investing more than ₹500 million (~$6.07 million) towards renewable equipment manufacturing will be eligible for special incentives under the Industrial Promotion Policy. Investments of less than ₹500 million (~$6.07 million) will be eligible for incentives per the policy of the Medium Small and Micro Enterprise (MSME) department based on investment size.
Similar incentives will apply to green hydrogen production and electrolyzer manufacturers investing more than ₹500 million (~$6.07 million).
Recently, Karnataka announced a new renewable energy policy that aims to make the state a preferred investment destination for renewables and create an ecosystem for sustainable and green energy development. It plans to develop 10 GW of additional renewable projects, with or without energy storage systems, and 1 GW of rooftop solar installations in the next five years.
In January this year, Himachal Pradesh issued its renewable energy policy, with the state aiming to add 10 GW of renewable energy capacity by 2030.
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