Avaada Group to invest Rs 40,000 cr to develop 6 GW hybrid renewable projects in Gujarat

Source: The Economic Times

Avaada Group on Monday said it has committed investments worth Rs 40,000 crore for development of 6,000 MW hybrid wind-solar projects in Gujarat.

The agreement was signed in the presence of Gujarat Chief Minister Bhupendrabhai Patel on the sidelines of the Vibrant Gujarat Global Summit 2024 on January 10-12 at Gandhinagar, a company statement said.

According to the 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.

The group's commitment to green initiatives in Gujarat is underscored by substantial investments in the development of a robust renewable energy ecosystem.

The hybrid projects, located in various districts of Gujarat, predominantly in the underdeveloped wastelands of Kutch, will supply power to various utilities of India including GUVNL (Gujarat Urja Vikas Nigam Ltd), and for captive use of Avaada's green hydrogen/ammonia projects.

These projects will substantially reduce the carbon emissions and dependability of conventional power sources.

With an estimated annual generation of 17.5 billion units of green electricity, this will lead to a reduction of approximately 16.3 million tonnes of CO2 equivalent emissions annually, contributing significantly to India's green energy supply and powering nearly 12.6 million households.

Moreover, it will generate 1,200 direct and indirect jobs, thereby contributing to 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.

Avaada Group is into production of solar modules, renewable power generation, and the development of large-scale projects for green hydrogen, green methanol, green ammonia, and sustainable aviation fuel.