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Avaada Power inks pact to develop 500MW solar capacities in Andhra Pradesh

Press Trust of India  |  New Delhi 

Avaada Power Pvt Ltd, India's leading company, today said it will invest Rs 3,500 crore to set up 500 MW solar projects in

The utility-scale solar projects will generate enough to sustainably power over 2.4 million households across the state, the company said in a statement.

An agreement to this effect was signed during the 'CII Partnership Summit 2018' in Vishakhapatnam.

is targeting 18 GW of 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, 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 in the country."

Stating that the company is making significant investments in innovative solutions with a focus on solar and 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 for developing 1,600 MW solar projects.

It plans to set up mega projects in solar and in a phased manner.

"With an aim to invest Rs 25,000 crore, the company has embarked on a journey towards generating not just in but across Asian and African countries," the statement said.

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

First Published: Wed, February 28 2018. 19:15 IST