Avaada Group to Fund Rs 40,000 cr For 6 GW Hybrid Renewable Projects By CIOTechOutlook Team

Avaada Group to Fund Rs 40,000 cr For 6 GW Hybrid Renewable Projects

CIOTechOutlook Team | Monday, 15 January 2024, 11:05 IST

Avaada Group announced investments of Rs 40,000 crore for the building of 6,000 MW hybrid wind-solar projects in Gujarat. The agreement was inked in the presence of Gujarat Chief Minister Bhupendrabhai Patel on the margins of the Vibrant Gujarat Global Summit 2024 in Gandhinagar on January 10-12, according to a business statement.

Avaada Group has signed a Memorandum of Understanding (MoU) with the Gujarat government. This strategic alliance aims to set up hybrid wind-solar projects with an aggregate 6,000 MW (6 GW) capacity in the state with an investment of about Rs 40,000 crore, as per economic times.

The group's dedication to green efforts in Gujarat is demonstrated by significant investments in the establishment of a robust renewable energy ecosystem. The hybrid projects, which are located in several districts of Gujarat, primarily in the underdeveloped wastelands of Kutch, will deliver power to various Indian utilities, notably GUVNL (Gujarat Urja Vikas Nigam Ltd), as well as for captive usage of Avaada's green hydrogen and ammonia plants.

These projects will significantly cut carbon emissions and improve the dependability of traditional power sources. With an anticipated yearly generation of 17.5 billion units of green electricity, this will reduce CO2 equivalent emissions by about 16.3 million tons per year, considerably adding to India's green energy supply and powering almost 12.6 million households.

Furthermore, it will create 1,200 direct and indirect jobs, promoting local and regional economic development.

"This strategic partnership signifies our unwavering commitment to foster a robust, clean energy ecosystem. Besides the signing of the new 6 GW capacity in the state, we already have projects of 2 GW capacity that are operational or at various stages of implementation in the state of Gujarat," Vineet Mittal, Chairperson of Avaada Group, said in the statement.