Avaada Group has committed an investment of INR 20,700 crore for 1.5 GW of floating solar projects, two 1 GW pumped storage projects (PSPs), and green energy equipment manufacturing units in the Indian state of Odisha. For the proposed investment, it recently signed a Memorandum of Understanding (MoU) with the Government of Odisha at the Make in Odisha Conclave 2025.
The Make in Odisha Conclave, the state’s flagship investment summit, was inaugurated by Prime Minister Narendra Modi. It is a platform for global investors, policymakers, and industry leaders to explore opportunities in Odisha’s dynamic economic landscape.
Speaking at the event, Vineet Mittal, chairman of Avaada Group, said, “Odisha is poised to lead India’s renewable energy revolution. The state’s rich resources and visionary leadership create unparalleled opportunities for green industrialization. Our INR 20,700 crore investment in renewable energy projects, including floating solar and pumped storage, demonstrates our commitment to sustainability and innovation. We are proud to partner with the Government of Odisha to build a greener, stronger future for the region.”
Avaada Group has presence across solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Its renewable power generation arm Avaada Energy aims to achieve capacity of 11 GWp by 2026. The group’s strong execution capabilities have attracted substantial international investment, including a $1.3 billion commitment in early 2023, with $1 billion from Brookfield’s Energy Transition Fund and $300 million from GPSC, a subsidiary of Thailand’s PTT Group.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
1 comment
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.