Bhubaneswar: To attract investments in renewable energy (RE) sector, the State Government has fully exempted registration fee and stamp duty on land allotted for establishment of RE projects.
The Revenue and Disaster Management Department has recently issued two different notifications for this purpose.
“In exercise of the powers conferred by clause (a) of sub-section (1) of section 9 of the Indian Stamp Act, 1899 (2 of 1899), the State Government do hereby remit the stamp duty in respect of deed executed on purchase or lease of land for establishment of RE projects involving harnessing maximum potential for Renewable Energy,” read one notification of the Revenue Department.
In another notification, the Department said, “In exercise of the powers conferred by section 78-A of the Registration Act, 1908 (16 of 1908) as amended by the Odisha Act 8 of 2002 in its application to the State of Odisha, the State Government, having been of the opinion that………do hereby remit the registration fee in respect of the deed executed on purchase or lease of land for establishment Renewable Energy (RE) projects.”
According to official sources, the stamp duty and registration fee in respect of the deed executed on purchase or lease of land for establishment of renewable energy projects have been fully exempted as per provision laid down under the Odisha Renewable Energy Policy, 2022.
Odisha has substantial potential to become a major renewable energy state in the country, as per a study conducted by iFOREST.
The International Forum for Environment, Sustainability and Technology (iFOREST) says that Odisha can install over 170 gigawatts (GW) of solar capacity. This is six to seven times higher than the Ministry of New and Renewable Energy (MNRE) estimate.
The Policy was released during the last Make in Odisha Conclave, 2022. The Policy to attract investments in clean energy in the state, with a focus on new areas such as green hydrogen, green ammonia, floating solar, and wind energy, among others.
The State, which has around 627 MW of installed capacity of renewable energy, plans to increase this to 10,000 MW by 2030 through this Policy.
In the recently presented state Budget in the assembly, the Odisha Government has set out Rs 100 crore for the development of a green energy sector in the State.
In his Budget speech, Finance Minister, Niranjan Pujari said Rs.50 crore has been proposed in the Budget for Green Energy Evacuation Corridor while another Rs. 50 crore has been proposed for Odisha Renewable Energy Development Fund.
