Avaada Group and Rajasthan government sign MoU for renewable energy and green ammonia project

Avaada Group has signed a Memorandum of Understanding (MoU) with Rajasthan government’s Department of Industries and Commerce to set up a green ammonia facility and a renewable energy plant at Kota, Rajasthan. The MoU intends to serve as an investment promotion strategy for the “Invest Rajasthan Summit” conducted in New Delhi. It proposes an investment worth Rs 400 billion and also seeks to provide job opportunities.

Avaada Group is an integrated energy platform with its business interests ranging in the fields of solar cell, module, electrolyser manufacturing, renewable energy generation, green hydrogen, and green ammonia production. Avaada Energy plans to have a 30 GW portfolio by 2030.

In March 2022, Avaada Energy announced that it will raise Rs 14.4 billion in green bonds in the Indian capital market at a rate of 6.75 per cent. The bonds are certified by Climate Bonds Standard Board of the Climate Bonds Initiatives and comply with the SEBI criteria for Green Debt Securities.