In Short : Avaada Group plans to invest ₹1 lakh crore in green energy projects in Rajasthan. This substantial investment aims to bolster renewable energy production in the state, focusing on solar and wind projects. The initiative aligns with India’s goal of expanding its clean energy capacity and reducing carbon emissions, contributing to sustainable development and energy security in the region.
In Detail : Avaada Group plans to invest Rs 1 lakh crore for development of green energy projects in Rajasthan, the company said on Tuesday. The company will focus on developing large-scale solar, wind, and green ammonia projects in the state.
The company has signed a Memorandum of Understanding (MoU) with the government in a joint commitment to accelerate Rajasthan’s green energy initiatives and enhance the state’s renewable energy infrastructure.
The planned investment will fund major green energy initiatives, including a 1.2 gigawatt (GW) pumped hydro storage project, a 1 million tonne per annum (MTPA) green ammonia project, a 1 GW-wind power project, and a 10 GW-solar power project.
“These projects, located across Jhalawar, Kota, Barmer, and Bikaner, will generate massive employment opportunities, promote green manufacturing, and significantly boost Rajasthan’s contribution to India’s renewable energy targets,” the company said.
“Rajasthan has always been central to our vision at Avaada Group, from our 5.5 MW project in Jodhpur to the launch of the world’s largest single-site solar project of 1,250 MW in Bikaner. Today, we are proud to announce a 6 GW solar project, with LOA, PPA, and connectivity in place,” said Vineet Mittal, Chairman of Avaada Group. “With its vast renewable potential, Rajasthan is set to become a green energy hub and a major contributor to India’s sustainable future.”
The investment commitment by Avaada comes amid the government’s target of achieving 500 GW renewable energy capacity by 2030 and net zero goal by 2070.
Mittal emphasized on Rajasthan’s unique advantages, with its vast desert lands, strategic location, and abundant natural resources, which make it ideal for large-scale renewable energy projects.
“Our government remains committed to fostering an industry-friendly environment, advancing infrastructure, and encouraging innovation. By focusing on these key areas, we are dedicated to positioning Rajasthan as the leading investment destination in India,” said Bhajanlal Sharma, Chief Minister of Rajasthan.
The solar, wind, and green ammonia projects are expected to be fully operational by 2030.
Avaada’s green energy initiatives will also enable the state to attract global investments in industries such as green hydrogen, zinc, and lithium, positioning Rajasthan at the center of the global green economy, it said.
The Group had secured a $1.3 billion funding commitment in early 2023, comprising $1 billion from Brookfield’s Energy Transition Fund and $300 million from GPSC, a subsidiary of Thailand’s PTT Group.
