Zynergy Solar Products & Services has outlined its move to set up a Rs. 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 the company Zynergy, a subsidiary of Alectrona Energy of Chennai. The project entails a Rs. 110 crore module unit and Rs. 410 crore cell manufacturing unit.
This is part of the Rs. 3970 crore three phase project the company has proposed to the Andhra Pradesh.
Following a meeting of the State Investment Promotion Board chaired by Chief Minster 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 Rs. 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 Rs. 1 per unit for five years for a capacity between 250 mw and 500 mw of cells and modules, Rs. 1.25 per unit for five years for capacity between 500 mw to one giga watt of cells and modules and Rs. 1.5 per unit for five years for capacity of one giga watt of cells and modules.
Apart from assuring water and power supply, it will be offered 25 per cent subsidy for Swachh Andhra initiatives limited to Rs. 50 crore for an investment of up to Rs. 1500 crore and 50 per cent subsidy limited to Rs. 50 crore for an investment of more than Rs. 1500 crore.