Avaada Energy to Implement 2 GW Open Access Solar Plants

This renewable arm of Avaada Group has already commissioned more than 1.8 GW of renewable assets in the solar and wind space.

Vineet Mittal-promoted Avaada Energy is in the process of implementing 2 GW of open access solar plants in five states i.e. Maharashtra, Tamil Nadu, Haryana, Karnataka and Orissa.

This renewable arm of Avaada Group has already commissioned more than 1.8 GW of renewable assets in the solar and wind space.

The company, which is one of the country’s leading Independent Power Producer (IPP), has a portfolio of more than 500 MW of open access solar plants.

Avaada Energy’s client base includes leading corporates, IT, MNCs and manufacturing giants.

The company said in a statement that these plants are being built for corporates who are looking to optimise their operating costs and meet their green energy needs through solar, rooftop and hybrid energy solutions.

Commenting on the development, Avaada Energy’s Chairman Vineet Mittal said “Avaada continues to contribute to India’s green energy revolution led by PM Narendra Modi.”

Mittal further added that “open access is a highly credible and economical solution for corporates looking to bring down their electricity bills and CO2 emissions significantly. We are already working with some of the leading MNCs who have committed to switch to 100 percent renewables.”

The company further said that typically, a corporate can save up to 30 percent to 50 percent of its electricity costs by switching to open access solar solutions.

In April this year, it had raised more than Rs 1,000 crore from investors such as the Asian Development Bank (ADB), Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch Development Bank, Netherlands Development Finance Company (FMO) and Promoters. The equity raised was for financing the company’s 2.4 GW of renewables portfolio.

Meanwhile, the company has set a target of developing 5 GW of renewable energy portfolio in Asia and Africa by 2022.