Avaada Power Pvt Ltd, India's leading clean energy company, today said it will invest Rs 3,500 crore to set up 500 MW solar projects in Andhra Pradesh.
An agreement to this effect was signed during the 'CII Partnership Summit 2018' in Vishakhapatnam.
Andhra Pradesh is targeting 18 GW of renewable energy capacities by 2021-22.
"The investment by Avaada Power is expected to generate more than 1,200 employment opportunities," it said.
Speaking on the development Vineet Mittal, Chairman Avaada Group said, "We believe that business and sustainability go hand-in-hand. Our business strategies are inter-woven with the government's mission of promoting renewable energy in the country."
Stating that the company is making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors, he said Avaada has set a target of achieving 5 GW capacity in the next four years.
Avaada Power recently committed Rs 10,000 crore investment in Uttar Pradesh for developing 1,600 MW solar projects.
It plans to set up mega projects in solar and wind energy in a phased manner.
"With an aim to invest Rs 25,000 crore, the company has embarked on a journey towards generating sustainable energy not just in India but across Asian and African countries," the statement said.
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