Avaada Group, a leading integrated energy platform in India, has entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to undertake a groundbreaking initiative in the renewable energy sector. The collaboration aims to establish hybrid wind-solar projects with a combined capacity of 6 GW in the state, involving an estimated investment of Rs 40,000 crore.
The milestone agreement was formalized in the presence of Gujarat’s Hon’ble Chief Minister, Shri Bhupendrabhai Patel, and other dignitaries during the Vibrant Gujarat Summit 2024 at Gandhinagar.
The proposed hybrid projects, strategically located in various districts of Gujarat, particularly in the underdeveloped wastelands of Kutch, will cater to the power needs of various utilities, including Gujarat Urja Vikas Nigam Limited (GUVNL). Additionally, the generated power will be utilized for captive purposes in AVAADA’s Green Hydrogen/Ammonia Projects. This initiative is expected to substantially reduce carbon emissions, enhance energy sustainability, and exemplify Avaada Group’s commitment to scalable and innovative solutions aimed at transforming the energy landscape while addressing critical environmental and economic imperatives.
The anticipated annual generation of 17.5 billion units of green electricity is projected to result in a significant reduction of approximately 16.3 million tons of CO2 equivalent emissions annually. This development is poised to make a substantial contribution to India’s green energy supply, powering nearly 12.6 million households.
In addition to its environmental impact, the project is expected to generate approximately 1200 direct and indirect jobs, contributing to local and regional economic development.
Mr. Vineet Mittal, Chairperson of Avaada Group, emphasized the global focus on sustainable solutions to combat climate change and promote economic growth. Recognizing the potential of Gujarat with its abundant natural resources, Mittal stated, “Gujarat has the potential to significantly contribute towards meeting the global demand for alternative solutions for fossil fuels.” He highlighted Avaada Group’s commitment to fostering a robust, clean energy ecosystem, noting that alongside the newly announced 6 GW capacity, the company already has operational or ongoing projects with a capacity of approximately 2 GW in the state of Gujarat.
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