Avaada Group Plans Rs 2.5 Lakh-Crore Green Energy Push
Avaada Group plans to become a sand-to-molecule company by 2031, Chairman Vineet Mittal said.
Avaada Group has planned an ambitious Rs 2.5 lakh-crore investments in various green energy businesses, with a vision to become a sand-to-molecule company by 2031, Founder and Chairman Vineet Mittal said.
The renewable energy focused group is setting up 11GW of renewable generation capacity by 2026 and 30 GW by 2030. The company has an operational capacity of 5 GW and another 23 GW is under various stages of construction.
Avaada Group also won a Rs 961-crore incentive to manufacture 3GW of wafer-to-module capacity under the production linked incentive scheme of the government. The company has an operational capacity of 1.5 GW and expects to reach 3 GW by 2026. "The target is 10GW of integrated manufacturing capacity by 2030," Mittal told NDTV Profit.
The company has earmarked an investment of Rs 2.5 lakh crore across various green energy businesses that would include renewable energy, solar manufacturing—ingots, wafers, cells and panels—and green fuels like Green Ammonia, Green Hydrogen, and Methanol, the chairman said.
Although, Mittal didn't disclose the timeline for investments, he said the company would require around Rs 2 lakh crore for components for solar power plants and another Rs 36,000 crore for EPC and machine vendor requirements for wind energy projects.
The company is executing a 0.5 million tonne per annum green Ammonia and Methanol project, as a forward integration to capture the downstream value, he said.
Avaada also expects to have a 1,000-MW electrolyser manufacturing capacity by 2030.
In August, Avaada signed a Memorandum of Understanding with the Government of Maharashtra, for the development of two pumped storage projects, with a combined capacity of 2.75 GW. The two projects include a 1.5 GW Pawana Falyan PSP in Pune and Raigad districts and the 1.25 GW Kumbhavade PSP in Kolhapur and Ratnagiri districts. Avaada will develop these projects with a total investment of around Rs 14,000 crore over the next five-six years.
The company raised $1.07 billion from Brookfield Renewable in April 2023. Raising funds is not difficult if the company is serious about its business and gives good return on investment to its investors, Mittal said.
