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Avaada Power commits Rs 10,000 cr investment in UP

Press Trust of India  |  Lucknow 

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

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

The state has an installed capacity of 569.35 MW 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. generated through these projects will be enough to power nearly 7.44 million households in UP," the statement said.

of Avaada Group Vineet 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 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 in achieving Prime Minister's vision of 100 GW of 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," added.

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.)

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