Renewable energy conglomerate Avaada Group has unveiled a massive ₹1 lakh crore investment roadmap for the next five years, coinciding with the company’s accelerated push toward expanding both its power generation portfolio and associated clean-energy businesses. As part of this strategic scale-up, the group’s solar photovoltaic manufacturing arm has confidentially filed draft documents for an initial public offering (IPO), with the market debut expected in the first half of next year.
Avaada currently has 6.1 GWp of commissioned solar capacity, and Chairman Vineet Mittal said the group aims to ramp this up to 30 GWp within the next five years. The expansion will be fueled not only by solar additions but also by a faster-growing wind power portfolio, which is expected to contribute nearly 20% of total generation over the period.
The company is also investing heavily in battery energy storage systems (BESS) to support peak-hour supply, and is exploring opportunities in pumped hydro storage, though commissioning timelines for the latter remain uncertain.
To support its growth, Avaada plans to hire 10,000 people, nearly doubling its current workforce of 6,000. Mittal said the group faces no capital constraints, noting that a large portion of the ₹10,500 crore earlier committed by external investors remains undeployed. Investor appetite continues to be strong as sustainability-focused asset platforms gain prominence, he added.
Funding for upcoming projects will typically follow a mix of 25% equity and 75% debt, complemented by internal accruals. Meanwhile, Avaada’s 1,200-tonne-per-day solar glass manufacturing facility near Noida is expected to become operational within the next 13–14 months.
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