Avaada Group has announced plans to invest Rs 2.5 lakh crore across various green energy sectors, aiming to transform into a sand-to-molecule company by 2031. With a strong focus on renewable energy, the company targets expanding its renewable generation capacity to 11 GW by 2026 and 30 GW by 2030. Currently, Avaada operates 5 GW, with an additional 23 GW under various stages of development.
Expanding Solar Manufacturing and Green Fuels
The group has secured a Rs 961-crore incentive under the government’s production-linked incentive scheme to establish 3 GW of wafer-to-module solar manufacturing capacity. Currently operating at 1.5 GW, Avaada aims to achieve 10 GW of integrated manufacturing by 2030. The investment plan covers renewable energy projects, solar manufacturing—spanning ingots, wafers, cells, and panels—and green fuels like Green Ammonia, Green Hydrogen, and Methanol.
Founder and Chairman Vineet Mittal disclosed that around Rs 2 lakh crore would be allocated to solar power plant components, while Rs 36,000 crore would go toward EPC and wind energy project requirements. The company is also working on a 0.5 million tonne per annum Green Ammonia and Methanol project, enhancing downstream value capture.
Pumped Storage Projects and Strategic Partnerships
In August, Avaada signed an MoU with the Government of Maharashtra for two pumped storage projects totaling 2.75 GW. The projects include the 1.5 GW Pawana Falyan PSP in Pune and Raigad districts and the 1.25 GW Kumbhavade PSP in Kolhapur and Ratnagiri districts. These initiatives will involve a total investment of Rs 14,000 crore over the next five to six years.
Avaada Group secured $1.07 billion in funding from Brookfield Renewable in April 2023. According to Mittal, attracting investment is not a challenge as long as the company remains committed to delivering robust returns.
Green Energy Market Expansion
Avaada’s aggressive expansion plan reflects its commitment to bolstering India’s green energy landscape, aligning with global energy market trends and green energy policies. The group’s investments will not only enhance India’s solar energy market but also contribute significantly to the development of solar technology and green fuel solutions.
Source：bloombergquint.com
