Avaada Group has signed an MoU with the Haryana Enterprises Promotion Centre (HEPC), Government of Haryana, to develop a 300-acre green industrial campus in Hisar. The proposed project will involve an investment of around Rs 100 billion. The campus will be powered by reliable, traceable, and round-the-clock renewable energy and will support industries looking to decarbonise their operations and meet evolving carbon and sustainability requirements.
According to the MoU, the Government of Haryana, through HEPC, will support the development of the proposed campus as a state-supported green industrial/zero carbon border adjustment mechanism (CBAM) industrial park. The support will include facilitating industrial-park status, exploring a customised package of incentives, developing common infrastructure and utilities, and expediting statutory approvals through the state’s single-window mechanism. HEPC will also coordinate with relevant state authorities to facilitate the implementation of the proposed project. Furthermore, it is expected to create more than 5,000 employment opportunities.
Earlier this month, Avaada Group achieved financial closure of approximately $1.3 billion for a 2,150 MW renewable energy portfolio. The financing was sanctioned by the State Bank of India, REC Limited, and Canara Bank across four special-purpose vehicles.
