Avaada Power Pvt. Ltd has partnered with Andhra Pradesh to develop 500 mw worth of utility-scale solar projects. To this effect, Avaada plans to invest Rs.3,500 crore in the state. The agreement was signed at “CII Partnership Summit 2018” held in Visakhapatnam.
This investment will generate enough clean energy to sustainably power over 2.40 million households across Andhra Pradesh.
Andhra Pradesh has set a target to achieve 18 GW renewable energy capacities by 2021-22. The investment by Avaada Power is expected to generate more than 1,200 employment opportunities. The Memorandum of Understanding (MoU) is a step in the direction of achieving the government’s RE objective, approximately 8,32,200 tonnes of CO2 emissions will be mitigated annually by this project in the state.
According to Vineet Mittal, Chairman Avaada Group, the company has set a target of achieving 5 GW of renewable energy capacity in the next four years.
It may be recalled that the company recently committed Rs.10,000 crore investment in Uttar Pradesh for developing 1,600 mw of solar power capacity. Avaada plans to set up mega projects in solar and wind energy in a phased manner.
Photo Caption: Kishor Nair, COO Avaada Power with the Honorable Chief Minister of Andhra Pradesh, N. Chandrababu Naidu at the CII Partnership Summit 2018
