~ A step towards achieving state’s renewable capacity target of 18GW by 2021-22~
~Commitment to invest NR 3,500 crores in the state of Andhra Prades h~
Mumbai, February 28, 2018: Avaada Power Pvt. Ltd, India’s leading clean energy company , close on the heels of its recent announcement, has partnered with the Government of Andhra Pradesh to develop 500 MW utility-scale solar projects. Reinforcing its commitment towards bringing sustainable energy to India, Avaada plans to invest INR 3,500 crores in the state. This investment will generate enough clean energy to sustainably power over 2. 40 million households ac ross Andhra Pradesh. The agreement was signed at “CII Partnership Summit 2018” held in Vishakhapatnam.
As a leading state in RE installations ranking second in India, the Government of Andhra Pradesh has set a target to achieve 18 GW renewable energy capacities by the year 2021 -22. The investment by Avaada Power is expected to generate more than 1,200 employment opportunities. The Memorandum of Understanding (MoU) is a step in the direction of achieving the government’s RE objective, approximately 8,32,200 tonnes of CO2 emissions will be mitigated annually by this project in the state.
Speaking on the development Mr. Vineet Mittal, Chairman Avaada Group said, “At Avaada, we believe that business and sustainability go hand-in-hand. Our business strategies are inter-woven with the government’s mission of promoting renewable energy in the country. We are mak ing significant investments in innovative clean energy s olutions with a foc us on solar and wind energy sectors. The company has set a target of achieving 5GW capacity in the next four years. With this, we aspire to play a pivotal role in meeting the increasing energy needs reiterating our commitment towards delivering clean and sustainable energy to all.”
Avaada Power recently committed INR 10,000 Crore Investment in Uttar Pradesh for developing 1,600 MW solar projects. Avaada plans to set up mega projects in solar and wind energy in a phas ed manner. With an aim to invest ₹25,000 crores, the company has embarked on a journey towards generating sustainable energy not just in India but across Asian and African countries . Avaada holds an impeccable track record of building projects at lower than budgeted cost and achieving financial profitability which is essential for propagating the inc reased adoption of renewable energy technologies.