Key facts
- Avaada Group plans to expand its renewable energy capacity to 17.7 GW within two years.
- The company currently has over 7.2 GW of operational renewable energy capacity.
- Approximately 10.5 GW of renewable energy capacity is currently under construction.
- Power purchase agreements (PPAs) have been signed for the projects under construction.
- The cost of renewable energy projects, for both wind and solar, is between Rs 4-5 crore per MW.
Avaada Group is set to significantly expand its renewable energy capacity, with plans to add 10.5 GW over the next two years, bringing its total installed generation capability to 17.7 GW. Avaada Energy CEO Kishor Nair stated that the group's current renewable energy portfolio exceeds 17.7 GWp, comprising over 7.2 GWp of operational capacity and approximately 10.5 GWp under construction. Nair confirmed that the company is on track to achieve its 17.7 GW target within two years, as power purchase agreements (PPAs) have already been secured for the projects under construction. These PPAs are crucial for securing funding from financial institutions. The cost for renewable energy projects, encompassing both wind and solar, is estimated to range from Rs 4-5 crore per megawatt. Avaada Group's businesses encompass renewable power generation, solar PV manufacturing, green hydrogen and its derivatives, green data centers, pumped storage projects, and energy storage solutions. The company also concluded its nationwide movement, the Avaada Bharat Uday Yatra, aimed at increasing public participation in India's clean energy transition. Union Minister for Jal Shakti C R Patil attended the event, emphasizing the need for citizen involvement in sustainable development and praising the Yatra for connecting communities with India's green future. Vineet Mittal, Chairman of Avaada Group, noted the event's evolution into a nationwide movement.