Rural Electrification Corporation (REC) has taken a momentous step towards India’s energy transition by signing a significant Memorandum of Understanding (MoU) with the Avaada Group. The collaboration aims to provide financial assistance worth ₹20,000 Crore for Avaada’s diverse energy transition projects.
The MoU was signed between officials from REC and Vineet Mittal, Chairman of Avaada Group, on the sidelines of the ongoing G20 Clean Energy Ministerial meeting in Goa. Avaada, a leading player in India’s renewable energy sector, will utilize the funds to implement projects spanning multiple states over the next two years.
The projects cover a wide spectrum, including ventures in Bihar, Rajasthan, and Maharashtra. The ambitious investment will enable Avaada to pioneer innovative renewable energy initiatives, encompassing green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and various solar, wind, and hybrid projects.
Vineet Mittal, Chairman of Avaada Group, expressed that this landmark partnership with REC signifies a significant stride towards India’s energy self-sufficiency and its commitment to fostering a sustainable future. The collaboration aligns with Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’ and the Green Hydrogen Mission, driving India’s energy transition growth.
Avaada’s unwavering dedication to a greener and more sustainable India has received substantial endorsement from REC, which has been a steadfast supporter of Avaada’s endeavors for over a decade, either directly or through strategic alliances with KFW and World Bank.
This joint effort is expected to revolutionize India’s renewable energy landscape, further establishing Avaada as a pivotal contributor in the global fight against climate change.