Karnataka to formulate policy to increase investment in the green energy

economictimes.indiatimes.com:

green energy sector. The state’s Industries Minister, MB Patil, announced the need for a policy to effectively capitalize on investment and production opportunities on Tuesday. With an estimated requirement of Rs 45-50 crore in capital and five gigawatts of power, the state aims to boost such projects.

“As per experts, a location within a 20 km radius of Mangaluru port would be ideal for green ammonia and green hydrogen production,” Patil said while interacting with the state's Vision Group for Green Energy. He emphasized that achieving the state's renewableenergy goals will require close coordination between the Department of Large-Scale Industries and the Department of Power. A second meeting will be held with industrialists and potential investors to discuss the way forward. Patil also noted that there are suggestions to establish green industrial parks to attract more investments into the sector.

Renewable energy company-- Avaada Energy’s CEO, Krishna Nair, who was present for the meeting, said the company has signed an MoU with Karnataka worth Rs 45,000 crore for green hydrogen production. «We can focus on electrolyte and battery production if the government introduces the right policies and incentives.»

Nair also highlighted that the state has rich sugarcane cultivation and could prioritize the production of green methanol and green hydrogen.