The Uttar Pradesh (UP) government is hoping to attract private investments worth up to Rs 50,000 crore in the solar and bioenergy sectors, capitalizing on the global shift toward green energy. Over the next five years, the state plans to generate 22,000 megawatts (Mw) of solar power. It would be made up of 14,000 megawatts from solar parks and 6,000 megawatts from rooftop solar power plants.
In accordance with the Centre, the government is also developing a green hydrogen policy. In this decade, the Asia-Pacific region is expected to be the fastest-growing in the global landscape. “The new and additional energy sector will play a major role in making the state a trillion-dollar economy. “Efforts should be made to create job opportunities in the sector,” says State Energy Minister A K Sharma.
India’s green hydrogen policy, unveiled in February, offers cheaper renewable energy and financial waivers for interstate power transmission for 25 years for projects completed before June 2025. Incentives include lower-cost land in energy parks and designated zones for local industries. Green hydrogen is created by using renewable energy to break down water in an electrolyzer. Later, hydrogen can be combined with nitrogen to produce ‘green’ ammonia, avoiding the use of greenhouse-gas-emitting hydrocarbons. Green ammonia is used to store energy as well as to make fertilizer.
According to reports, the global green hydrogen market was worth $1.83 billion in 2021 and is expected to be worth nearly $90 billion by 2030, growing at a compound annual growth rate (CAGR) of 54% from 2021 to 2030. India’s green hydrogen mission, announced in 2021, calls for a rapid increase in production to make the country a green hydrogen hub.
Meanwhile, Anupam Shukla, Director of the UP New and Renewable Energy Development Agency, stated that the state has received investment proposals totalling Rs 18,500 crore in the sector. Now, the state intends to make proactive contact with domestic and international players in the sector. To sweeten the state’s offer to private companies, the energy department will hold an investor meeting in January 2023.