You are here: Home » PTI Stories » National » News
Business Standard

Avaada Power commits Rs 10,000 cr investment in UP

Topics
Environment

Press Trust of India  |  Lucknow 

Avaada Power, a clean energy company, today said it will invest Rs 10,000 crore in setting up 1,600 MW solar projects in Uttar Pradesh.

The firm signed an MoU with the UP government during Investors Summit 2018, here.

"The projects will be developed across Mirzapur, Badaun, Gorakhpur and Bundelkhand districts," the company said in a statement adding that the investment will churn out nearly 3,700 jobs.

Avaada's projects will help UP meet its annual target of 2,000 MW production capacity of solar energy.

The state has an installed capacity of 569.35 MW solar energy and has the potential to touch a high generation figure of 22.8 GW.

"With its solar commitment, the organisation will be able to mitigate nearly 25,79,820 tonne of carbon emissions on an annual basis. Clean energy generated through these projects will be enough to power nearly 7.44 million households in UP," the statement said.

Chairman of Avaada Group Vineet Mittal said:"We are geared up to support UP's mission of utilising the potential of the sun to power its development needs sustainably. We are working aggressively to help catapult the state on the clean energy trajectory."

UP falls under high solar irradiation zone, which offers tremendous opportunities for expanding its clean energy portfolio.

"This MoU will enable UP to be the front runner in achieving Prime Minister's vision of 100 GW of solar energy by 2022," he said.

"The company is committed to providing affordable, clean and abundant power for the country and will continue to focus on innovative green technologies," Mittal added.

Avaada Power has a portfolio of nearly 1 GW.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 21 2018. 18:35 IST
RECOMMENDED FOR YOU