Avada Power Ltd based in Mumbai has partnered with the state government of Andhra Pradesh to develop 500 MW solar utility-scale projects. It has also committed to investing around INR 35 billion ($526 million) in the state. The state is looking for investments and set a target of achieving a renewable capacity of 18 GW by 2021- 2022.
Andhra Pradesh is one of the leading states for solar installations. It installed 1.23 GW in the year 2017. The investment from Avaada Power is supposed to generate more than 1200 employment opportunities. The Memorandum of Understanding (MoU) that has been signed between the state and the company is a boost to achieve RE objectives of the state. The project would mitigate 8,32,00 tonnes of CO2 emissions.
Vineet Mittal, Chairman Avaada group said, “At Avaada, we believe that business and sustainability go hand in hand. Our business strategies are interwoven with the government’s mission of promoting renewable energy in the country. We are making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors. The company has set a target of achieving 5 GW capacity in next 4 years.”
Avaada Power recently during ‘UP Investors Summit 2018’ had committed investment of INR 100 billion ($1.55 billion) for developing 1.6 GW worth of PV projects. The company has an aim to invest INR 250 billion ($ 3.75 billion) in renewable energies. The company has a plan to develop projects in Asia and Africa.