Avaada

Avaada Group on Monday announced that it has inked an agreement to develop two pumped storage power projects with combined capacity of 2,750 MW, entailing an investment of Rs 14,000 crore. The agreement was signed between the Water Resources Department, Government of Maharashtra, and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group, in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis and Avaada Group's Chairman Vineet Mittal, according to a company statement. This agreement not only cements Avaada's role in Maharashtra's energy landscape but also underscores the company's unwavering commitment to advancing renewable energy across the state, the company said. The two projects include the 1,500 MW Pawana Falyan PSP in the Pune & Raigad districts and the 1,250 MW Kumbhavade PSP in the Kolhapur & Ratnagiri districts. With a total investment of approximately Rs 14,000 crore over the next 5-7 years, these projects are poised to play a transformative ...

Mittal has raised $2.6 billion since 2023 from Canadian fund Brookfield and Thailand's state-run oil company PTT group, enabling him to participate and win several bids this year

The structure has been rated as 'AA (Stable)' by CareEdge Ratings, it said

Avaada Energy on Friday said it has secured over 1,400 MWp solar projects across the country from state-owned agencies. The company has secured projects with capacities of 421 MW, 280 MW, and 700 MW in tenders issued by SECI, GUVNL, and NTPC, respectively, according to a statement. These projects, slated for development in Gujarat and Rajasthan, underscore the company's commitment to expanding its renewable energy footprint in India, the statement said. "Avaada Energy, a key entity in the Avaada Group's renewable energy division, is pleased to announce its successful acquisition of approximately 1,400 MWp in solar energy projects through recent tenders by central and state government agencies in India," it said. The Power Purchase Agreements (PPAs) with these agencies will span 25 years. These projects are slated for completion within a timeframe of 24 months. Upon commissioning, these solar installations are expected to generate an estimated annual output of approximately 2,410

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 N

'You can easily multiply capacity, but the biggest challenge to do any larger project in India is availability of land, availability of evacuation, funding, and the offtake agreement'

Green energy developer Avaada Group on Monday announced that it has entered into an agreement with Al Jomaih Energy and Water (AEW) to develop renewable power projects in Saudi Arabia. The projects will be developed in Saudi Arabia and selected Middle Eastern regions, Avaada Group said in a statement. "Avaada Energy (group firm) announces a strategic partnership with AEW to pioneer renewable power generation in the Kingdom of Saudi Arabia and selected Middle Eastern regions," the company said. Vineet Mittal, Chairman of Avaada Group, said the alliance is set to explore the potential of solar, wind, hybrid, and battery Energy Storage solutions. Under the Memorandum of Understanding (MoU), AVAADA will act as a technology partner and provider of solutions for renewable energy (RE) installations, while AEW will provide essential resources, the statement said. The MoU was announced amid Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud's official state visit to India. Prime

AVAADA Group on Thursday said it has signed an agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) to set up a green hydrogen and ammonia manufacturing unit in Odisha. The unit will be set up at Gopalpur Industrial Park in Ganjam district in Odisha. In a statement, AVAADA Group announced "an initiative to establish a cutting-edge green hydrogen and ammonia manufacturing unit in Odisha. This significant move comes in the wake of a Memorandum of Understanding (MoU) inked with Tata Steel Special Economic Zone Limited (TSSEZL)". The company did not disclose financial details related to the proposed project. The project is expected to generate around 1,600 direct and 4,000 indirect employment opportunities and aims to curtail nearly 2 million tonne of Co2 emissions annually. AVAADA Group Chairman Vineet Mittal said, "The collaboration is geared towards fast-tracking the shift to green energy and bolstering India's ambition to emerge as a global green hydrogen manufacturing hub

Avaada Energy on Monday said it has bagged a 280 megawatt renewable energy project from Solar Energy Corporation of India (SECI). SECI is the nodal agency of the central government for auctioning renewable energy projects. "Avaada Energy has won the 280 MWp project under tariff-based competitive bidding carried out by SECI as a part of SECI's 2 GW ISTS (inter-state transmission system ) connected solar projects (Tranche XI)," the company said in a statement. The bidding allows flexibility to Avaada Energy to set up the solar power project anywhere in India and supply green electricity on long term at a tariff of Rs 2.61/kWh (kilowatt hour). The project will become operational within 18 months from the signing of power purchase agreement (PPA), it said. The company did not disclose any financial details related to the project. As per industry standards, Rs 6-7 crore is required to set up 1 MW of green energy capacity.

Rural Electrification Corporation (REC) has signed a memorandum of understanding with Avaada Group to fund its energy transition projects worth Rs 20,000 crore. The MoU was signed between REC officials and Avaada Group Chairman Vineet Mittal at the sidelines of the ongoing G20 Clean Energy Ministerial meeting in Goa. Avaada is a leading company in India's renewable energy sector. Mittal said projects, spanning across various states, will be implemented over the next two years. The total projects are worth Rs 20,000 crore. This landmark collaboration with REC symbolises a monumental stride towards India's energy self-sufficiency, he noted. "It exemplifies our staunch commitment to nurturing a sustainable future and propelling India's green energy transition," he added. Mittal said there is a project in Bihar, another in Rajasthan, and also there are projects in Maharashtra, which would be implemented over the next two years. He said that in the coming five years, Avaada is primed

The meeting was attended by officials from EU governments and Indian renewable companies, including Avaada Group, Renew Power and ACME Group

Avaada Energy on Thursday said it has bagged a 400 MW solar project from Gujarat Urja Vikas Nigam Ltd. The company did not disclose the financial details of the project. "Avaada Energy, an arm of Avaada Group India's leading integrated energy group with business interests in renewable power generation, solar module manufacturing, electrolyser manufacturing and Green Ammonia production, has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project," a company statement said on Thursday. The company has won 200 MW under base capacity at a tariff of Rs 2.75/kWh and another 200 MW under a green shoe option at a tariff of Rs 2.71/kWh from GUVNL under a tariff-based competitive bidding process followed by an e-Reverse auction. Post commissioning, the plant will produce 740 million units of green electricity per year, leading to a reduction of approximately 6,88,940 tonnes of CO2 equivalent emissions, annually. "This is another

Avaada Energy on Tuesday said it has bagged a 280 megawatt (MW) solar project from Rajasthan Urja Vikas Nigam Limited (RUVNL). The project, bagged through a bidding process, will be commissioned within 18 months, the Avaada Group company said. As per the bid terms, the solar power generated from the project will be supplied to RUVNL for 25 years at a tariff of Rs 2.62 per kWh (kilowatt hour), it said in a statement. Avaada Energy CEO Kishor Nair said, "This is another feather in our cap as we expand our presence in Rajasthan. I am certain that such ambitious projects, built with collaborations with the government, will lead India to a greener future." The plant will generate about 500 million units per annum which will help to reduce 4,65,500 tonnes of CO2 equivalent emissions annually. The solar project can potentially power 3.6 lakh households with green energy.

Avaada Ventures recently signed a memorandum of understanding with the Rajasthan government worth Rs 40,000 crore for setting up a green ammonia manufacturing plant

Avaada currently operates a renewable energy portfolio of 4 gigawatt (GW) with plans to reach 11 GW by 2026

Renewable energy company Avaada Energy on Friday said it has bagged a 421 MW solar project from Damodar Valley Corporation (DVC). The project was awarded through a competitive bidding followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs 2.70/kWh. In a statement, Avaada said "it has won the 421 MW (DC) ISTS-connected Solar PV bid in an auction conducted by REC Power Development and Consultancy Ltd (RECPDCL) on behalf of DVC." As per bid terms, a power purchase agreement will be inked between the two entities for 25 years, and the project will be commissioned within 18 months. The plant is expected to generate about 750 million units green energy annually which will reduce 6,98,250 tonne CO2 equivalent emissions. The solar project can potentially power 5 lakh households. "India is one of the fastest-growing markets for renewable energy globally. With ambitious targets and commitments to a green future, we are confident that massive ...

The 39.6 gigawatts of manufacturing capacity is expected to require investment of 930.4 billion rupees, according to a government statement

Stainless steel maker Viraj Profiles along with Avaada Energy will set up a 100 MW solar project in Tarapur, Maharashtra. The aim is to make the captive project operational by February 2024, Viraj Profiles said in a statement on Friday. The company did not disclose financial details of the project. According to industry estimates, an investment of about Rs 5 crore is required to set up every 1 MW of solar capacity. Once commissioned, the plant will generate about 207 million units of green energy per year, which will offset approximately 182 million kilos of CO2, the statement said. "Viraj Profiles along with Avaada Energy shall set up a special purpose vehicle (SPV) to build the 100 MW captive solar plant," it said. The power generated will be used for captive consumption by Viraj Profiles' stainless steel unit in Tarapur, reducing its dependence on conventional sources by 50 per cent.

The financial assistance is part of PM Modi's aim to turn the nation into a manufacturing powerhouse, creating more jobs in the economy and reducing imports that can drain foreign exchange

The acquisition has been made through Global Renewable Synergy Company Ltd, a wholly-owned subsidiary of Global Power Synergy Public Company Limited