In a detailed statement, the YSRCP clarified that the Andhra Pradesh government had only entered into an agreement with SECI, a Government of India enterprise, to procure 7,000 MW of solar power at a fixed tariff of ?2.49 per kWh. “There is no direct agreement between Andhra Pradesh DISCOMs and any entities, including the Adani Group,” the statement emphasized, terming the allegations baseless.

Highlighting the financial burden inherited from prior administrations, the statement explained that exorbitant tariffs from earlier power purchase agreements had raised costs to ?5.10 per kWh, straining state finances. To address this, the state proposed installing 10,000 MW of solar capacity in 2020, but legal and regulatory hurdles stalled the plan. SECI’s offer of 7,000 MW at competitive rates was subsequently accepted to mitigate rising costs.

The agreement was approved by the Andhra Pradesh Electricity Regulatory Commission (APERC) in November 2021, followed by a Power Sale Agreement (PSA) with SECI in December 2021 after clearance from the Central Electricity Regulatory Commission (CERC).

Rejecting any wrongdoing, the YSRCP underscored the long-term benefits of the agreement, projecting annual savings of ?3,700 crore and total benefits of ?92,500 crore over the 25-year term. “This project is extremely favorable for the state,” the party asserted, reiterating its commitment to transparency and fiscal prudence.

In a detailed statement, the YSRCP clarified that the Andhra Pradesh government had only entered into an agreement with SECI, a Government of India enterprise, to procure 7,000 MW of solar power at a fixed tariff of ?2.49 per kWh. “There is no direct agreement between Andhra Pradesh DISCOMs and any entities, including the Adani Group,” the statement emphasized, terming the allegations baseless.

Highlighting the financial burden inherited from prior administrations, the statement explained that exorbitant tariffs from earlier power purchase agreements had raised costs to ?5.10 per kWh, straining state finances. To address this, the state proposed installing 10,000 MW of solar capacity in 2020, but legal and regulatory hurdles stalled the plan. SECI’s offer of 7,000 MW at competitive rates was subsequently accepted to mitigate rising costs.

The agreement was approved by the Andhra Pradesh Electricity Regulatory Commission (APERC) in November 2021, followed by a Power Sale Agreement (PSA) with SECI in December 2021 after clearance from the Central Electricity Regulatory Commission (CERC).

Rejecting any wrongdoing, the YSRCP underscored the long-term benefits of the agreement, projecting annual savings of ?3,700 crore and total benefits of ?92,500 crore over the 25-year term. “This project is extremely favorable for the state,” the party asserted, reiterating its commitment to transparency and fiscal prudence.