In a significant move towards promoting sustainable energy initiatives in India, Avaada Group, a prominent player in the country’s energy transition sector, has entered into a Memorandum of Understanding (MoU) with REC Ltd. The MoU, signed in the esteemed presence of Mr. Hemant Kumar Sharma, Principal Secretary, Industries Department – Govt. of Odisha, marks a substantial milestone in the renewable energy landscape of Odisha. The partnership, valued at INR 15,000 crores (INR 150 billion), aims to finance Avaada Group’s ambitious Energy Transition Projects in the state.
This collaboration underscores Avaada Group’s dedication to bolstering India’s pursuit of becoming Net Zero by 2070. The initiative aligns with Odisha’s comprehensive efforts to attract investments in the energy sector and accelerate the process of decarbonisation, particularly in the burgeoning field of Green Hydrogen and its derivatives manufacturing.
Vineet Mittal, Chairman of Avaada Group, expressed his enthusiasm about the partnership, stating, “We are delighted to announce the MoU with REC Ltd., a pivotal step in reinforcing India’s commitment to achieving Net Zero by 2070. We extend our gratitude to the Government of Odisha for fostering an environment conducive to renewable energy and green molecule transactions, making the state an ideal hub for sustainable growth. Our belief in the power of green energy as a catalyst for positive global change drives our commitment to this partnership. By financing renewable energy projects in Odisha, we not only contribute to the state’s sustainable development but also enhance our renewable energy footprint both nationally and internationally.”
This collaboration signifies a significant leap towards Odisha’s sustainable future, aligning with global efforts to combat climate change and establish a greener, more sustainable energy landscape.