Avaada Power to invest Rs 3,500 cr to build 500 MW solar capacity in AP

V Rishi Kumar Hyderabad | Updated on March 01, 2018

The Mumbai-based company has committed Rs 10,000 crore investment in Uttar Pradesh to develop 1,600 MW solar projects.   -  File photo

Clean energy company Avaada Power plans to develop 500 MW of solar capacity in Andhra Pradesh at an outlay of ₹3,500 crore. The proposed utility-scale solar project is expected to generate over 1,200 jobs. Avaada signed up with Andhra Pradesh at the recently concluded CII Partnership Summit 2018 in Vishakhapatnam.

The Mumbai-based company had earlier committed Rs 10,000 crore investment in Uttar Pradesh to develop 1,600 MW solar projects.

Vineet Mittal, Chairman, Avaada Group, said, “At Avaada, our business strategies are inter-woven with the Government’s mission of promoting renewable energy. We are making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors.”

“The company has set a target of achieving 5GW capacity in the next four years. With this, we aspire to play a pivotal role in meeting the increasing energy needs reiterating our commitment towards delivering clean and sustainable energy to all,” he said. Andhra Pradesh targets to build 18 GW renewable energy capacity by 2021-22, the company said. The planned investment will generate power for over 2.4 million households in the State.

The company's long-term plan is to invest about Rs 25,000 crore in the renewable energy sector, both solar and wind, in India and other markets in Asia and Africa, in a phased manner.

Published on March 01, 2018

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