Avaada to invest Rs 3,500-crore for 500 MW solar projects in Andhra Pradesh
Clean energy firm Avaada Power today said it will invest Rs 3,500 crore to develop 500 MW utility-scale solar projects in Andhra Pradesh.
“Our business strategies are interwoven with the government’s mission of promoting renewable energy in the country. We are making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors,” company’s Chairman Vineet Mittal said in a statement.
Avaada Power recently committed Rs 10,000 crore investment in Uttar Pradesh to develop 1,600 MW solar projects.
“We have set a target of achieving 5,000 MW capacity in the next four years. We aim to invest Rs 25,000 crore and we have embarked on a journey towards generating sustainable energy not just in India but across Asian and African countries,” he added.
Avaada plans to set up mega projects in solar and wind energy in a phased manner, Mittal said. He further said the investment in Andhra Pradesh will generate enough clean energy to sustainably power over 2.40 million households across the state. Andhra Pradesh government has set a target to achieve 18,000 MW renewable energy capacities by the year 2021-22. The investment by Avaada Power is expected to generate more than 1,200 employment opportunities.
The MoU is a step in the direction of achieving the government’s renewable energy objective of reducing around 8,32,200 tonnes of CO2 emissions annually, which this project should help mitigate, Mittal added.