Avaada Group has signed a Memorandum of Understanding (MoU) with the state government of Bihar for developing 1 GW of renewable energy projects across the state.
As per the MoU, Avaada will invest INR 5,000 crore for developing an aggregate 1 GW capacity of renewable energy projects encompassing ground mounted, floating solar, community solar plants, and battery storage projects in Bihar. The state government would facilitate the company in obtaining necessary approvals, clearances, etc from the concerned departments of the state.
The MoU was signed between Bihar Renewable Energy Development Agency and Kishor Nair, Chief Executive Officer, Avaada Energy, in the presence of Minister of Energy Bijendra Prasad Yadav and Minister of Industries Nitish Mishra on the occasion of the launch of a new state policy on RE projects and pumped storage projects.
Vineet Mittal, chairman, Avaada Group, said the state’s RE Policy will attract more investment in RE sector in the state.
“At Avaada, we are committed to accelerating India’s energy transition while contributing to regional growth and development. Our partnership with the Government of Bihar marks a significant step towards harnessing the state’s renewable energy potential through ground-mounted, floating, community solar plants, battery storage project etc. Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress,” said Kishor Nair, Chief Executive Officer, Avaada Energy.
Avaada’s proposed RE projects in Bihar are expected to provide direct employment to 500 people, with generation likely to commence within two years after the PPAs are executed with Bihar state agencies and facilitation of land/water bodies by the Government of Bihar. Avaada is eligible for incentives as per the state government’s applicable incentive rules and policy.
Avaada Group, a clean energy solutions provider, operates across solar PV manufacturing, renewable power generation, green data centers, green hydrogen and its derivatives (including green ammonia and green methanol), pumped hydro storage and battery energy storage solutions. Led by Vineet Mittal, the group targets 30 GWp renewable capacity by 2030. Avaada is backed by a $1.3 billion investment from Brookfield’s Energy Transition Fund and GPSC (a subsidiary of PTT Group, Thailand).
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