Avaada Group signs $12 billion MoU for renewables and storage in India

Avaada Group, one of India’s leading renewable energy companies, has unveiled an large-scale energy plan to invest $12 billion in the state of Rajasthan with a focus on large-scale solar, wind, and green ammonia projects.

The Group has signed a Memorandum of Understanding (MoU) with the Government of India, and focus on mixed storage including hydro and ammonia. The state of Rajasthan is in northwestern India, and most of the inhospitable Thar Desert is in the region, and borders Pakistan. The arid conditions, usually seen as a negative, play well for large-scale solar and wind, and storage for intermittent operation.

“Our government remains committed to fostering an industry-friendly environment, advancing infrastructure, and encouraging innovation. By focusing on these key areas, we are dedicated to positioning Rajasthan as the leading investment destination in India.” said Bhajanlal Sharma, chief minister of Rajasthan.

Avaada’s planned investment will fund its major green energy initiatives, including a 1.2 GW pumped hydro storage project, a 1 mtpa green ammonia project, a 1 GW wind power project, and a 10 GW solar power project. These projects will be located across Jhalawar, Kota, Barmer, and Bikaner.

Vineet Mittal, chairman of Avaada Group, said, “Rajasthan has always been central to our vision at Avaada Group, from our 5.5 MW project in Jodhpur to the launch of the world’s largest single-site solar project of 1,250 MW in Bikaner. Today, we are proud to announce a 6 GW solar project, with LOA, PPA, and connectivity in place. With its vast renewable potential, Rajasthan is set to become a green energy hub and a major contributor to India’s sustainable future.”

The solar, wind, and green ammonia projects are expected to be fully operational by 2030. The investment commitment by Avaada will help India’s target of achieving 500 GW renewable energy capacity by 2030 and net zero goal by 2070.

Avaada Energy, a renewable power generation arm of Avaada Group, aims to reach an installed capacity of 11 GWp by 2026. The group has attracted significant international investments, including a $1.3 billion funding commitment in early 2023, comprising $1 billion from Brookfield’s Energy Transition Fund and $300 million from GPSC, a subsidiary of Thailand’s PTT Group.