- The MoU signing is to establish hybrid wind-solar projects with a combined capacity of 6 GW in the state.
- This initiative is expected to reduce carbon emissions substantially and enhance energy sustainability.
Avaada Group, a leading integrated energy platform in India, has entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to undertake a groundbreaking initiative in the renewable energy sector. The collaboration aims to establish hybrid wind-solar projects with a combined capacity of 6 GW in the state, involving an estimated investment of Rs 40,000 crore. The milestone agreement was formalised during the Vibrant Gujarat Summit 2024 at Gandhinagar.
The generated power will also be utilised for captive purposes in Avaada’s green hydrogen/ammonia projects. This initiative is expected to reduce carbon emissions substantially, enhance energy sustainability, and exemplify Avaada Group’s commitment to scalable and innovative solutions to transform the energy landscape while addressing critical environmental and economic imperatives. The anticipated annual generation of 17.5 billion units of green electricity is projected to significantly reduce approximately 16.3 million tons of CO2 equivalent emissions annually.
This development is poised to substantially contribute to India’s green energy supply, powering nearly 12.6 million households. In addition to its environmental impact, the project is expected to generate approximately 1200 direct and indirect jobs, contributing to local and regional economic development. Mr Vineet Mittal, Chairperson of Avaada Group, emphasised the global focus on sustainable solutions to combat climate change and promote economic growth. He highlighted Avaada Group’s commitment to fostering a robust, clean energy ecosystem, noting that alongside the newly announced 6 GW capacity, the company already has operational or ongoing projects with a capacity of approximately 2 GW in Gujarat.