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Fiscal bodies keen to invest in AP power utilities

Andhra

Keeping in view the credibility of the Andhra Pradesh State government and performance of its power sector, several national and international financial institutions have shown keen interest in providing financial assistance to the power utilities for infrastructure development which ultimately paves the way for reduction of losses and improving qualitative services to the consumers of the State.

It is a major boost to the AP power sector for getting Rs 476 crore German aid for Green Energy Corridor, wherein APTRANSCO has been selected as the developer for the first of its kind project in the country. It is also a welcome step for the state to get huge financial assistance to the tune of around Rs.2600 Crs from the World Bank loan for Infrastructure Development and implementing various prestigious schemes in the power sector. Very recently, the AP Power Utilities have entered into Memorandum of Understanding with M/s Rural Electrification Corporation, a Central Govt. undertaking (“Navaratna”) for getting Rs. 9,000 crores of loan assistance with concessional interest rate (rebate ranging from 0.85% to 1%) towards setting up of Solar Power Projects and expansion of Transmission and Distribution network in Andhra Pradesh.

Special focus will be put to judicially invest the proposed amount of around Rs.27,000Crores from various financial agencies for the power development in the coming years by adopting special mechanism in implementing the schemes, for this the finance wing of APTRANSCO will submit a special report to the Chairman & Managing Director/APTRANSCO & Secretary (Energy, I&I, CRDA).

Dinesh Paruchuri, IRS, who assumed charge as new Director Finance of APTRANSCO today in Vidyut Soudha, said that priority will be given to assist the DISCOMs for achieving 100% revenue collections and also to continue to put efforts for providing 24X7 power supply, which is the most prestigious scheme of the Govt. With the unstinted support of the Govt. and best efforts put forth by the power utilities, it was possible for the state to set a national record by achieving financial savings of around Rs.1950 Crs by reducing Transmission & Distribution losses. Dinesh also said as Director/Finance, he will put all out efforts for the development of the sector and to rise to the expectations of the Govt. and the management of the APTRANSCO. To achieve these endeavors for improvement of the services in APTRANSCO, he sought the support and cooperation of employees, various Associations & Unions of the organization. (NSS)