India’s Avaada commits $2.39bn to energy storage, renewables

Avaada Group used the Make in Odisha Conclave 2025 investment summit to commit, with the government of the Indian state, to invest INR 207 billion into two 1 GW pumped hydro energy storage projects, 1.5 GW of floating solar, and green energy manufacturing units in Odisha.
Speaking at the event, Avaada Group Chairman Vineet Mittal said, “Odisha is poised to lead India’s renewable energy revolution. The state’s rich resources and visionary leadership create unparalleled opportunities for green industrialization. Our INR 20,700 crore [INR 207 billion] investment in renewable energy projects, including floating solar and pumped [energy] storage, demonstrates our commitment to sustainability and innovation. We are proud to partner with the Government of Odisha to build a greener, stronger future for the region.”
Avaada is involved in solar module manufacturing; renewable power generation; and the development of green hydrogen, methanol, ammonia, and sustainable aviation fuel projects. The group’s renewables arm, Avaada Energy, wants 11 GWp of generation capacity by 2026.
Avaada has attracted international investment including a $1.3 billion funding round in early 2023, $1 billion from Canadian investor Brookfield’s Energy Transition Fund, and $300 million from GPSC, a subsidiary of Thailand’s state-owned oil and gas company PTT Group.
From pv magazine India.