Avaada Group has inked a memorandum of understanding (MoU) with state-run REC for setting up a green hydrogen and green ammonia hub in Gopalpur, Odisha.
The non-banking financial company (NBFC) in the power sector has entered into an agreement with the Avaada Group, pledging ₹15,000 crore for an upcoming green hydrogen and ammonia facility in in Odisha, which is poised to make a substantial contribution to the green energy landscape in the State, REC said on Monday.
Avaada Group Chairman Vineet Mittal said, “We thank the government of Odisha for facilitating the comfort of renewable energy and green molecule business transactions and robust initiatives, making it an ideal destination for sustainable growth. This partnership will enable us to continue financing renewable energy projects in Odisha, which will not only contribute to the State’s sustainable development but also reinforce our renewable energy footprint in India and around the globe.”
Apart from Avaada, the Maharatna company also inked a partnership with the Acme Group to provide funding of ₹16,000 crore for a green hydrogen and ammonia facility in Gopalpur. This initiative underscores the importance of sustainable and clean energy solutions for the future, REC said.
Tie-up with OPGC
Besides, REC and Odisha Power Generation Corporation (OPGC) have joined forces to finance ₹9,538 crore for the development of Unit 5 & 6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This collaboration will contribute significantly to the State’s power generation capacity and energy infrastructure.
These MoUs collectively represent a financial commitment of ₹40,358 crore over the coming years in Odisha. REC’s dedication to the region’s progress, combined with its partnerships with OPGC, Acme Group, and Avaada Group, will play a pivotal role in enhancing energy infrastructure, promoting sustainable practices, and generating economic growth in Odisha.