Avaada Group in MoU with REC for INR 20,000 Funding  

On the sidelines of the fourthmeeting of the G20 Energy Transition Working Group (ETWG), Avaada Group, has announced a partnership with the Rural Electrification Corporation (REC), concretized through a Memorandum of Understanding (MoU). This agreement ushers in support for Avaada's energy transition ventures, with the total investment reaching INR 20,000 crores over the next five years.

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The investment will enable Avaada to take initiatives including green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects.

Avaada reveals that it has been supported by REC to Avaada, either directly or via the KFW and World Bank line.

Speaking on the initiative, Vineet Mittal, Chairman of Avaada Group, said, "This landmark collaboration REC symbolizes a monumental stride towards India's energy self-sufficiency. It exemplifies our staunch commitment to nurturing a sustainable future and propelling India's green energy transition.”

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Recently, Avaada clinched a funding round of $1.3 billion, inclusive of a $1 billion investment from the Canadian asset management fund, Brookfield. This funding is aimed at boosting its green hydrogen and derivative business, with Thailand's GPSC, part of the PTT Group also contributing $300 million to the largest funding round by an Asian green energy company.

The firm presently operates a renewable energy portfolio of 4 GW and around 7 GW in different stages of implementation. It has also bagged various projects by way of competitive bidding. Most recently, it bagged an LoI for 400 MW solar project from GUVNL.