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19 Nov 2024
Avaada Group has outlined an ambitious plan to invest ₹2.5 lakh-crore across various green energy sectors, with the goal of becoming a sand-to-molecule company by 2031, according to Founder and Chairman Vineet Mittal.
The renewable energy-focused company aims to install 11 GW of renewable generation capacity by 2026 and reach 30 GW by 2030. It currently operates 5 GW, with 23 GW in various stages of construction.
Avaada recently secured a ₹961-crore incentive under the government's production-linked incentive (PLI) scheme to develop 3 GW of wafer-to-module manufacturing capacity. The company currently operates 1.5 GW of manufacturing and plans to reach 3 GW by 2026, with a target of 10 GW of integrated manufacturing by 2030, Mittal shared with NDTV Profit.
The group has earmarked ₹2.5 lakh crore for investments across green energy sectors, including renewable energy, solar manufacturing (ingots, wafers, cells, and panels), and green fuels such as Green Ammonia, Green Hydrogen, and Methanol. Mittal did not specify a timeline for these investments but noted that ₹2 lakh crore would go towards solar power components, with another ₹36,000 crore allocated for EPC and machinery for wind energy projects.
Additionally, Avaada is working on a green Ammonia and Methanol project with a production capacity of 0.5 million tonnes annually, aiming to capture downstream value. The company also plans to establish a 1,000 MW electrolyser manufacturing capacity by 2030.
In August, Avaada signed an MoU with the Government of Maharashtra to develop two pumped storage projects totaling 2.75 GW in capacity. These include the 1.5 GW Pawana Falyan PSP in Pune and Raigad districts and the 1.25 GW Kumbhavade PSP in Kolhapur and Ratnagiri districts, requiring an investment of ₹14,000 crore over the next five to six years. In April 2023, Avaada raised $1.07 billion from Brookfield Renewable. Mittal emphasized that securing funds is manageable if a company is serious about its business and provides solid returns for investors.
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