Avaada Energy to set up 2 GW of open access solar plants in 5 states

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Independent power producer Avaada Energy is in the process of implementing 2 GW of open access solar plants in the states of Maharashtra, Tamil Nadu, Haryana, Karnataka and Odisha.

These plants are being built for corporates who are looking to optimize their operating costs and meet their green energy needs through solar, rooftop and hybrid energy solutions. Typically, a corporate can save up to 30-50% of its electricity costs by switching to open-access solar solutions.

Currently, the company has a portfolio of over 500 MW of open access solar plants in commercial and industrial sector.

Speaking about Avaada’s open access solar solutions, Avaada Energy chairman Vineet Mittal said: “Avaada continues to contribute to India’s green energy revolution led by PM Narendra Modi. Open access is a highly credible and economical solution for corporates looking to bring down their electricity bills and CO2 emissions significantly. We are already working with some of the leading MNCs who have committed to switch to 100% renewables.”

Avaada Energy recently raised over Rs 1000 crore from the Asian Development Bank, European investors (such as Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft, Dutch Development Bank and Netherlands Development Finance Company) and Avaada’s backers.

The company aims to develop 5 GW of renewable energy portfolio in Asia and Africa by 2022, and will use the cash injection to finance the 2.4 GW of capacity it currently has under development.