AVAADA Group Joins Hands with REC Ltd for Financing of Energy Transition Projects in Odisha – EQ
Mumbai : AVAADA Group (www.avaada.com), a leading business enterprise with a significant presence in India’s energy transition space, has signed aMemorandum of Understanding (MoU) with REC Ltd. Avaada Group has inked this partnership to finance its Energy Transition Projects in Odisha, India. The MoU was signed in the presence of Mr. Hemant Kumar Sharma, Principal Secretary, Industries Department – Govt. of Odisha at Bhubaneshwar with a total agreed amount of INR 15,000 cr./ INR 150 Bn.
The partnership is focused on accelerating the transition to green energy and supporting India’s aspirations to establish itself as a prominent global hub for manufacturing Green Hydrogen and its derivatives.With the increasing demand for sustainable energy, Odisha has initiated a range of efforts to attract investments into the energysector with a focus on accelerated decarbonisation.
Commenting on this partnership,Vineet Mittal, Chairman of Avaada Group, said“I am delighted to announce that we have signed the MoU with REC Ltd. which will be our pivotal step in helping strengthen India’s commitment to achieving Net Zero by 2070. We thank the Government of Odisha for facilitating the comfort of renewable energy and green molecule business transactions and robust initiatives, making it an ideal destination for sustainable growth. Our commitment to this enterprise stems from the belief that embracing green energy is not only essential for our future but also a powerful catalyst for positive change in the world.This partnership will enable us to continue financing renewable energy projects in Odisha which shall not only contribute to the state’s sustainable development but also reinforce our renewable energy footprint in India and globally.”
About Avaada Group
The Avaada Group, led by social entrepreneur Vineet Mittal, is an integrated energy platform with varied business interests. It ranges from manufacturing solar ingots, wafers, cells, modules, and electrolyzers to renewable power generation, green hydrogen, green methanol and green ammonia production. Avaada Energy, the group’s flagship company, is India’s fastest-growing renewable energy IPP. The group plans to reach 11 GW of operational projects by 2026. The Avaada Group’s solar manufacturing business is close to establishing a wafer, cell, and module manufacturing facility.
Additionally, the group is executing Green Hydrogen and Green Ammonia projects across various regions and planning a substantial capacity addition to cater to the increasing domestic and international demand for clean fuel. Recently, Avaada clinched a funding round of $1.3 billion, including a $1 billion investment from the Brookfield’s Energy Transition Fund and a $ 300 million investment from GPSC, part of the PTT Group of Thailand. This funding is aimed at boosting its green hydrogen and derivative business.
