Avaada Group has signed a Memorandum of Understanding (MoU) with the Government of Gujarat to set up 6 GW of hybrid wind-solar projects in the state with an investment of about INR 40,000 crore (over $4.8 billion).
The agreement was signed on the sidelines of the Vibrant Gujarat Summit 2024 at Gandhinagar.
The hybrid projects will be located in various districts of Gujarat, predominantly in the underdeveloped wastelands of Kutch. These will supply power to the various utilities of India including GUVNL, and for self-consumption by Avaada for its green hydrogen/ammonia projects.
The projects are estimated to generate 17.5 billion units of green electricity per year and help offset around 16.3 million tons of CO2 equivalent emissions annually, contributing significantly to India’s green energy supply and powering nearly 12.6 million households.
Moreover, the project development will generate 1,200 direct and indirect jobs, thereby contributing to local and regional economic development.
Vineet Mittal, chairperson of Avaada Group, said, “Renewable energy along with green hydrogen and its derivatives have emerged as powerful substitutes for fossil fuels, driving rapid decarbonization across various industries and regions…With its abundant natural resources including 300 sunshine days, availability of vast wasteland and long coastline, Gujarat has the potential to significantly contribute towards meeting the global demand for alternative solutions for fossil fuels.”
“At Avaada Group, our dedication to driving sustainable energy solutions takes another significant stride forward with the signing of this MoU.”
Besides this new 6 GW capacity committed in Gujarat, Avaada already has 2 GW of projects under operational or various stages of implementation in the state.
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