Addressing a press conference Jain said the university would be set up as a Public-Private Partnership initiative and managed by internationally-reputed firms in the energy sector.
"The university will facilitate research in new technologies in power generation... Ways are being developed for producing electricity from rain water. So we want to focus on such research activities," he said.
The Higher Education Department has granted permission for the university while the state government would soon allot the land.
With the State Fiber Grid project set to be launched in the next couple of months, the Energy Department would install smart meters in all households for recording of electricity consumption in real time, he said.
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"As the government will provide internet facility to each household, consumers can now verify their electricity consumption and billing details online. Smart meters will help in this," Jain added.
The Principal Secretary, who released a report for the year 2015-16 on the performance of state power sector, said power transmission losses fell to 10.2 per cent from 11.4 per cent the previous year.
He said four major solar power projects would come up in the state to generate 4,000 MW of electricity by 2018.
"Two Solar Energy Parks will be set up in Anantapuramu district and one each in Kurnool and Kadapa districts. They will generate 4,000 MW power," Jain said.