Avaada Group, a leading player in India’s renewable energy sector, has signed a Memorandum of Understanding (MoU) with the Government of Bihar for developing 1 GW of renewable energy projects across the state.
As per the signed MoU, Avaada will invest INR 5,000 crore for developing an aggregate 1 GW capacity of renewable energy projects encompassing ground-mounted and floating solar, community solar plants, battery storage projects, etc. The state government would also facilitate the company in obtaining necessary approvals or clearances, etc., from the concerned departments of the state.
The MoU was signed between the Bihar Renewable Energy Development Agency and Shri Kishor Nair, Chief Executive Officer, Avaada Energy Private Ltd., in the presence of Hon’ble Minister of Energy Shri Bijendra Prasad Yadav and Hon’ble Minister of Industries Shri Nitish Mishra on the occasion of the launch of the New Policy on RE projects and PSP projects.
Commenting on the development, Shri Vineet Mittal, Chairman, Avaada Group, complimented the Bihar Govt. and Energy Department on bringing such a policy, which is amongst the best RE policies and will attract more investment in the RE sector in the state.
“At Avaada, we are committed to accelerating India’s energy transition while contributing to regional growth and development. Our partnership with the Government of Bihar marks a significant step towards harnessing the state’s renewable energy potential through ground-mounted, floating, community solar plants, battery storage projects, etc. Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress. We are proud to support Bihar’s vision for a greener, more prosperous future,” said Shri Kishor Nair, Chief Executive Officer, Avaada Energy.
These projects are expected to provide direct employment to 500 people, with production likely to commence within 2 years after the PPAs are executed with Bihar state agencies and facilitation of land/water bodies by the Government of Bihar. Besides, Avaada will also be entitled to get incentives as per the state government’s applicable incentive rules and policy.
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