In a groundbreaking stride towards sustainable energy development, Avaada Group has unveiled a monumental investment of Rs 40,000 crore for the establishment of 6,000 MW hybrid wind-solar projects in Gujarat. The historic agreement materialized during the Vibrant Gujarat Global Summit 2024, in the esteemed presence of Gujarat Chief Minister Bhupendrabhai Patel.
Emphasizing its commitment to green initiatives, Avaada Group formalized a Memorandum of Understanding (MoU) with the Gujarat Government to collaboratively initiate hybrid wind-solar projects with a cumulative capacity of 6,000 MW. These visionary projects, strategically situated in various districts of Gujarat, particularly in the underdeveloped expanses of Kutch, are poised to reshape the renewable energy landscape.
With an ambitious investment of Rs 40,000 crore, these projects aspire to supply power not only to Gujarat Urja Vikas Nigam Ltd (GUVNL) but also cater to the captive needs of Avaada’s groundbreaking green hydrogen and ammonia ventures. The move is anticipated to significantly reduce carbon emissions and diminish reliance on conventional power sources.
Prognosticated to generate an astonishing 17.5 billion units of green electricity annually, this monumental initiative is poised to cut approximately 16.3 million ton of CO2 equivalent emissions each year. This environmentally conscious endeavor is set to play a pivotal role in fortifying India’s green energy supply, effectively powering nearly 12.6 million households.
Beyond its ecological impact, Avaada Group’s substantial investment is set to create a pronounced economic ripple effect, generating approximately 1,200 direct and indirect jobs. This not only contributes to the green energy revolution but also champions local and regional economic development.
Expressing enthusiasm, Vineet Mittal, Chairperson of Avaada Group, underscored the significance of the strategic partnership. He conveyed the group’s unwavering commitment to fostering a robust, clean energy ecosystem, emphasizing the newly signed 6 GW capacity project in Gujarat and the existing operational or in-progress projects totaling 2 GW capacity in the state. Mittal’s remarks encapsulate Avaada Group’s dedication to advancing sustainable energy initiatives and contributing significantly to India’s clean energy landscape.