The Uttar Pradesh government, riding on the global shift to green energy, is looking to attract private investments of up to Rs 50,000 crore in the solar and bio energy sectors.
The state has set a target to generate 22,000 megawatt (MW) of solar power over the next five years. It would comprise 14,000 MW from solar parks and 6,000 MW through rooftop solar power plants.
The government is also drafting a green hydrogen policy in line with the Centre. The Asia-Pacific region is expected to be the fastest growing in the global landscape in this decade.
UP Energy Minister AK Sharma has directed officials to expedite the drafting of the policy for faster approval by the cabinet.
“The new and additional energy sector will play a major role in making the state a trillion-dollar economy. Efforts should be made to generate sources of employment in the sector,” he said.
Unveiled in February, India’s green hydrogen policy offers cheaper renewable power and financial waivers for interstate power transmission for 25 years for projects commissioned before June 2025. Incentives include land at cheaper rates in energy parks and dedicated zones for local industries.
Green hydrogen is produced by breaking down water in an electrolyser using renewable energy. Later, hydrogen can be combined with nitrogen to make ‘green’ ammonia, thus avoiding planet-warming hydrocarbons. Green ammonia is used to store energy and make fertilisers.
According to reports, the global green hydrogen market was valued at $1.83 billion in 2021, and is estimated at almost $90 billion by 2030, expanding at a compound annual growth rate (CAGR) of 54 per cent from 2021 to 2030.
Announced in 2021, India’s green hydrogen mission talks about a rapid expansion in production to make the country a green hydrogen hub.
Meanwhile, UP New and Renewable Energy Development Agency Director Anupam Shukla said the state had so far received investment proposals of Rs 18,500 crore in the sector.
Now, the state is planning to proactively contact the domestic and international players in the segment. The energy department will hold an investor meet in January 2023 to sweeten the state’s offer to the private companies.
