Bharti Airtel picks up stake in Avaada's solar company

Stake acquired under group captive arrangement, to source 21 MW

Telecom major Bharti Airtel picked up a 8.53 per cent stake in a solar power company of Avaada Energy in Maharashtra. Bharti has acquired a stake in Avaada MHbuldhana Pvt. Ltd to source 21.32 MW of Solar Power from Avaada MH Buldhana under the group-captive arrangement and thereby reduce its carbon footprints.

Avaada Energy has a 500 Mw project portfolio across various states - Rajasthan, Haryana, Maharashtra, Uttar Pradesh, and Bihar. Avaada is targeting to have an operational capacity of more than 5 GW capacity by the end of 2021

The company has signed contracts under open access arrangement with corporates, manufacturing