Avaada Group, a prominent player in India’s integrated energy sector, has formalized a Memorandum of Understanding (MoU) with the Government of Gujarat, marking a pivotal step towards a greener future. In a strategic collaboration, Avaada Group aims to establish hybrid wind-solar projects with an impressive aggregate capacity of 6 GW in the state, backed by a substantial investment of Rs 40,000 crore.
This monumental agreement was sealed in the presence of the Hon’ble Chief Minister of Gujarat, Shri Bhupendrabhai Patel, and other dignitaries during the Vibrant Gujarat Summit 2024 in Gandhinagar. Avaada Group’s commitment to advancing green initiatives in Gujarat is evident through significant investments in fostering a robust Renewable Energy ecosystem.
The proposed hybrid projects, strategically located across various districts of Gujarat, particularly in the underdeveloped wastelands of Kutch, are poised to supply power to various utilities, including GUVNL, and for captive use in AVAADA’s Green Hydrogen/Ammonia Projects. This move is anticipated to substantially reduce carbon emissions, diminish reliance on conventional power sources, and underscore Avaada Group’s dedication to scalable and innovative solutions that revolutionize the energy landscape.
With an anticipated annual generation of 17.5 billion units of green electricity, the projects are projected to curtail approximately 16.3 million tons of CO2 equivalent emissions annually. This significant contribution aligns with India’s green energy objectives, capable of powering nearly 12.6 million households.
The initiative is expected to generate approximately 1200 direct and indirect jobs, further contributing to local and regional economic development. Vineet Mittal, the Chairperson of Avaada Group, expressed the significance of this development, stating, “The pressing need to address climate change has prompted global entities to focus on sustainable solutions for economic growth. Renewable energy, along with green hydrogen and its derivatives, has emerged as powerful substitutes for fossil fuels, driving rapid decarbonization across various industries and regions.”
Mittal continued, “Gujarat, with its abundant natural resources, including 300 sunshine days, vast wastelands, and a long coastline, has the potential to significantly contribute towards meeting the global demand for alternative solutions to fossil fuels. This MoU signifies our unwavering commitment to fostering a robust, clean energy ecosystem. Alongside the new 6 GW capacity in the state, we already have projects with a capacity of ~2 GW that are operational or in various stages of implementation in Gujarat.”