Avaada Group Plans Significant Investment in Green Energy

Avaada Group aims to invest INR 2.5 lakh crore in green energy by 2031, targeting 11 GW of renewable energy generation by 2026 and 30 GW by 2030. Currently, Avaada operates 5 GW of renewable capacity, with an additional 23 GW under development.

September 23, 2024. By EI News Network

Avaada Group has an amibitious plan to invest INR 2.5 lakh crore in various green energy sectors by 2031 to expand its presence in the RE sector.

According to media reports, Founder and Chairman Vineet Mittal revealed this plan during the annual convention of the Indian Electrical and Electronics Manufacturers' Association (IEEMA) held recently, in Mumbai. The renewable energy-focused group is aggressively expanding its capacity, targeting 11 GW of renewable energy generation by 2026 and 30 GW by 2030. Currently, Avaada operates 5 GW of renewable capacity, with an additional 23 GW under various stages of development.

In addition to this, media reports indicate that Avaada Group has secured an incentive of INR 961 crore under the government's Production Linked Incentive (PLI) scheme to manufacture 3 GW of wafer-to-module capacity. The company’s current operational manufacturing capacity stands at 1.5 GW, which is expected to grow to 3 GW by 2026. By 2030, the company aims to achieve 10 GW of integrated manufacturing capacity.

As per reports, Mittal also highlighted the firm’s investment strategy, which includes significant allocations for renewable energy, solar manufacturing—from ingots, wafers, cells, to panels—as well as green fuels like green ammonia, green hydrogen, and methanol. To meet its ambitious targets, Avaada will require approximately INR 2 lakh crore for components for solar power plants and another INR 36,000 crore for EPC and machine vendor requirements for wind energy projects.

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Business

Avaada Group

Avaada RE investment

Avaada green energy investment

IEEMA

Indian Electrical and Electronics Manufacturers

Renewable energy generation

Production Linked Incentive Scheme

Solar manufacturing

Wind Energy Project

RE Sector in India