Zynergy Solar Products & Services has outlined its move to set up a ₹520 crore solar module and solar cell manufacturing unit in Nellore district of Andhra Pradesh.
The Industries and Commerce Department of Andhra Pradesh has extended several benefits to Zynergy, a subsidiary of Alectrona Energy of Chennai. The project entails a ₹110 crore module unit and ₹410 crore cell manufacturing unit.
This is part of the ₹3,970 crore three phase project the company has proposed to the Andhra Pradesh.
Following a meeting of the State Investment Promotion Board chaired by Chief Minister N Chandrababu Naidu, it was decided to extend several concessions as per the AP Electronic Policy 2014-2020. As per the policy, the company will get 100 per cent reimbursement of stamp duty, transfer duty and registration fee paid on sale and lease deeds, capital subsidy of 10 per cent of total investment of ₹5 crore, 100 per cent tax reimbursement of VAT/CST for a period of 10 years subject to a maximum of 100 per cent of fixed capital investment.
The government has also decided to offer power cost reimbursement of ₹1 per unit for five years for a capacity between 250 MW and 500 MW of cells and modules, ₹1.25 per unit for five years for capacity between 500 MW to one giga watt of cells and modules and ₹1.5 per unit for five years for capacity of one giga watt of cells and modules. The State government is seeking to attract solar module manufacturers and wind energy equipment makers to the State. This is part of the efforts to boost renewable energy portfolio to about 9 GW by 2019-2020.