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Airtel picks up 8.53 per cent stake in Avaada SPV

Our Bureau New Delhi | Updated on March 24, 2021

Looks to source solar power under arrangement, reduce carbon footprint

Telecom operator Bharti Airtel has acquired an 8.53 per cent stake in special purpose vehicle Avaada MH Buldhana to source 21.32 MWdc of solar power from the project under the group-captive arrangement and thereby reduce its carbon footprint.

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"It is good to see that leading corporates are switching from fossil fuel-based energy to clean energy solutions; we are working with some of the leading MNCs who have committed to switching to 100 per cent renewables,” Vineet Mittal, Chairman of renewable energy developer Avaada, said in a statement.

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Avaada targets an extensive portfolio of 10GW solar projects across Asia and Africa. The firm has executed over 2GW of renewable capacities, and nearly 3.5GW is under implementation in India, the statement added.

Published on March 24, 2021

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