MUMBAI,
India, Dec. 23, 2024 /PRNewswire/ -- Avaada
Group, a leading name in the
renewable energy sector, has announced an unprecedented investment
of $12bn in Rajasthan, India, for accelerating green energy
transition,
thereby establishing the region as a global renewable
energy powerhouse. This landmark announcement was made during the
prestigious Rising Rajasthan 2024 Summit, attended by
India's Hon'ble Prime Minister
Narendra Modi and Rajasthan's
Hon'ble Chief Minister Bhajanlal Sharma.
Highlighting Rajasthan's strategic importance, Avaada Group's
Chairman Vineet Mittal, Guest of
Honour at the event, stated, "Rajasthan's vast solar and wind
resources, coupled with the
visionary leadership of the Hon'ble Prime Minister and Chief
Minister, present an unparalleled opportunity to redefine the
global renewable energy landscape. Avaada's commitment of $12bn while driving green industrial
manufacturing will also create millions of jobs, shaping a
sustainable and inclusive future."
Rajasthan stands out as a global
hub for renewable energy, with over 142 GW of unmatched solar
potential, supported by 325+ sunny days annually. The state's
pro-business policies, including the Rajasthan Investment Promotion
Scheme 2024 and the Integrated Clean Energy Policy 2024, have
attracted investments worth $78bn.
Avaada Group's journey in Rajasthan began with a modest 150 MW
solar project and has since evolved into multiple ventures,
including one of the world's largest single location renewable
energy projects by an IPP. Key investments announced at the summit
include:
- 1,200 MW Pumped Storage Project (PSP): A $700mn initiative to enhance energy
storage and grid stability.
- Green Hydrogen and Ammonia Projects: Investments aimed
at driving global decarbonization goals.
- Utility-Scale Solar and Wind Projects: Across Jhalawar,
Kota, Barmer, and Bikaner, contributing significantly to
India's renewable energy
targets.
With its strategic alignment to international sustainability
frameworks like the EU's Carbon Border Adjustment Mechanism (CBAM),
Rajasthan offers a unique advantage for zero-carbon manufacturing
and green industrial growth, positioning itself as a magnet for
industries seeking sustainable operations while creating over
1mn green jobs.
"As a global renewable energy leader, Avaada is proud to
participate in Rajasthan's vision of becoming a green hub of industrial
growth," Mr. Mittal remarked. "Our investments
aim to double the region's economy by 2030, aligned with
global efforts to combat climate change."
With its strategic initiatives, Avaada Group is poised to
attract international collaborations, setting a benchmark for
renewable energy innovation and sustainable industrial
development.
About Avaada Group
Avaada Group is a leader in the global energy transition,
specializing in solar module manufacturing, renewable power
generation, and the development of green hydrogen, green methanol,
green ammonia, and sustainable aviation fuel projects. Under the
visionary leadership of Mr. Vineet
Mittal, Avaada has become a significant global player in
clean energy. Avaada Energy, the group's renewable power generation
arm, aims to achieve a capacity of 11 GWp by 2026. The group's
strong execution capabilities have attracted substantial
international investment, including a $1.3bn commitment in early 2023, with
$1bn from Brookfield's Energy Transition
Fund and $300mn from GPSC, a subsidiary of
Thailand's PTT Group.
Contact
Kiren Srivastav
kiren.srivastav@avaada.com
Charu Sehgal
charu.sehgal@avaada.com
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SOURCE Avaada Group
