Avaada Group and REC Sign MOU to Secure Funding for Energy Transition Projects

Representational image. Credit: Canva

On the occasion of the 4th meeting of the G20 Energy Transition Working Group (ETWG) held in Goa today, Avaada Group, a leading force in India’s renewable energy domain, has proudly unveiled a strong collaboration with the Rural Electrification Corporation (REC). The partnership has been solidified through a significant Memorandum of Understanding (MoU), marking a momentous milestone for Avaada’s wide-ranging energy transition initiatives. The total investment for these ventures is an impressive INR 20,000 crores, signifying a massive surge of support for their sustainable projects.


Over the next five years, Avaada is poised to leverage this substantial investment to lead a multitude of groundbreaking renewable energy initiatives throughout India. These pioneering projects encompass a wide array of developments, including green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, as well as a diverse portfolio of solar, wind, and hybrid ventures. This concerted endeavor seamlessly aligns with the visionary mission of ‘Atmanirbhar Bharat’ (Self-Reliant India) advocated by the Hon’ble Prime Minister of India, Shri Narendra Modi, and actively contributes to India’s energy transition growth in line with the Green Hydrogen Mission.

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Avaada’s steadfast commitment to a greener and more sustainable future for India receives a significant boost with the strong endorsement from REC. This enduring partnership, spanning over a decade, has seen REC extend unwavering support to Avaada, either directly or through the KFW and World Bank channels. With these strategic alliances in place, Avaada is positioned to revolutionize India’s renewable energy landscape, cementing its pivotal role as a key global contributor in the ongoing fight against climate change.
Speaking on this milestone, Mr. Vineet Mittal, Chairman of Avaada Group, said,This landmark collaboration REC symbolizes a monumental stride towards India’s energy self-sufficiency. It exemplifies our staunch commitment to nurturing a sustainable future and propelling India’s green energy transition.”


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