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Avaada Group, on Thursday, said that it has signed a memorandum of understanding (MoU) with REC under which the State-run company will invest ₹20,000 crore in the renewable energy solutions company over the next five years.
The partnership between Avaada and the government-controlled non-banking financial company (NBFC) for the power sector was announced on the sidelines of the 4th meeting of the G20 Energy Transition Working Group (ETWG) in Goa.
Also read: US working with India on platform to speed its energy transition: Yellen
“This agreement ushers in a massive surge of support for Avaada’s diverse energy transition ventures with the total investment reaching an impressive ₹20,000 crore,”Avaada Group said.
In the upcoming five years, Avaada is primed to harness this considerable investment to spearhead a plethora of innovative renewable energy projects across India, it added.
“These pioneering ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects. This concerted effort aligns seamlessly with Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’ and the Green Hydrogen Mission, driving India’s energy transition growth,” the company said.
Also read: Government invites bids to set up green hydrogen production facilities
The substantial endorsement from REC underscores Avaada’s unwavering dedication to a greener and more sustainable future for India.
For over a decade, REC has extended steadfast support to Avaada, either directly or via the KfW Development Bank and World Bank line. Through these strategic alliances, Avaada is poised to transform India’s renewable energy landscape, solidifying its role as a key contributor in the global fight against climate change.
Recently, Avaada completed a funding round of $1.3 billion, inclusive of a $1 billion investment from the Canadian asset management fund, Brookfield.
This funding is aimed at boosting its green hydrogen and derivative business, with Thailand’s GPSC, part of the PTT Group also contributing $300 million.
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