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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