REC, Avaada Group sign pact for energy projects worth Rs 20,000 crore

Rural Electrification Corporation (REC) has signed a memorandum of understanding with Avaada Group to fund its energy transition projects worth Rs 20,000 crore.

The MoU was signed between REC officials and Avaada Group Chairman Vineet Mittal at the sidelines of the ongoing G20 Clean Energy Ministerial meeting in Goa.

Avaada is a leading company in India's renewable energy sector.

Mittal said projects, spanning across various states, will be implemented over the next two years. The total projects are worth Rs 20,000 crore.

This landmark collaboration with REC symbolises a monumental stride towards India's energy self-sufficiency, he noted.

"It exemplifies our staunch commitment to nurturing a sustainable future and propelling India's green energy transition," he added.

Mittal said there is a project in Bihar, another in Rajasthan, and also there are projects in Maharashtra, which would be implemented over the next two years.

He said that in the coming five years, Avaada is primed to harness this considerable investment to spearhead a plethora of innovative renewable energy projects across India.

"These pioneering ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind and hybrid projects," he said.

Talking about the MoU, Mittal said that this concerted effort aligns seamlessly with Prime Minister Narendra Modi's vision of 'Atmanirbhar Bharat' and Green Hydrogen Mission, driving India's energy transition growth.

"The substantial endorsement from REC underscores Avaada's unwavering dedication to a greener and more sustainable future for India. For over a decade, REC has extended steadfast support to Avaada, either directly or via the KFW and World Bank line," he said.

Through these strategic alliances, Avaada is poised to transform India's renewable energy landscape, solidifying its role as a key contributor in the global fight against climate change, Mittal said.