Avaada Group signed a Memorandum of Understanding (MoU) with the Rural Electrification Corporation (REC). This agreement has been made to support Avaada’s diverse energy transition ventures, with the total investment reaching Rs 200 billion.
In the upcoming five years, Avaada is primed to harness this considerable investment across different innovative renewable energy projects across India. These pioneering ventures include green hydrogen and its derivatives, solar photovoltaic manufacturing, and an assortment of solar, wind, and hybrid projects.
The substantial endorsement from REC underscores Avaada’s unwavering dedication to a greener and more sustainable future for India. For over a decade, REC has extended steadfast support to Avaada, either directly or through the KFW and World Bank line.
Speaking on this milestone, Mr. Vineet Mittal, Chairman of Avaada Group, said, “This landmark collaboration REC symbolises a monumental stride towards India’s energy self-sufficiency. It exemplifies our staunch commitment to nurturing a sustainable future and propelling India’s green energy transition.”
In June 2023, Avaada Group secured financing for its green energy operations for Rs 107 billion. The funds will be used to expand Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation enterprises. Brookfield Renewables contributed $1 billion, and Avaada’s current investor Global Power Synergy Public Co contributed $301 million.
