Key Takeaways
- Avaada Group has signed a Rs 20,700 crore agreement to develop renewable energy projects in Odisha.
- Projects include 1,500 MW of floating solar and two 1,000 MW Pumped Storage Projects (PSP).
- The initiative supports Odisha’s goal to become a green energy hub, showcased at the Make in Odisha Conclave 2025.
Avaada Group Commits to Renewable Energy in Odisha
Avaada Group announced a significant investment of Rs 20,700 crore to advance renewable energy projects in Odisha. This investment will facilitate the development of 1,500 megawatts (MW) of floating solar energy projects, two Pumped Storage Projects (PSP) with a capacity of 1,000 MW each, and establish green energy manufacturing units in the state. The memorandum of understanding (MoU) was signed in the presence of Odisha’s Chief Minister Mohan Charan Majhi during the Make in Odisha Conclave 2025, an event aimed at showcasing the state’s potential in attracting global investments in various sectors.
The Make in Odisha Conclave, inaugurated by Prime Minister Narendra Modi, is a premier platform where global investors, policymakers, and industry leaders come together to explore economic opportunities within the state’s diverse landscape. This year’s conclave emphasized Odisha’s aspirations to emerge as a leader in the green energy sector.
Avaada Group is well-known for its innovative approach to renewable energy, with a strong portfolio that includes solar power, wind energy, and green hydrogen initiatives. The Chairman of Avaada Group, Vineet Mittal, highlighted the significance of the investment, stating, “Our Rs 20,700 crore investment in renewable energy projects, including floating solar and pumped storage, demonstrates our commitment to sustainability and innovation.”
With a focus on clean energy transition, Avaada Group has established itself as a leader in solar module manufacturing, renewable power generation, and production of sustainable fuels, including green hydrogen and green ammonia. This investment not only reflects the company’s dedication to advancing renewable energy infrastructure in India but also underlines the country’s commitment to sustainability and climate action.
By establishing such ambitious projects, the Avaada Group aims to contribute significantly to India’s renewable energy goals. The state of Odisha is poised to benefit from these large-scale initiatives, which could provide a boost to local economies, create jobs, and promote environmentally sustainable energy solutions. Overall, this development serves as a notable step towards enhancing renewable energy resources in India and aligning with the global shift toward sustainable practices in energy production and consumption.
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