Avaada Group Inks Pact for Renewable Energy With Saudi Arabia

Avaada Group Inks Pact for Renewable Energy With Saudi Arabia

Avaada Group has joined hands with Al Jomaih Energy and Water for the development of renewable energy in Saudi Arabia and a select few regions in the Middle East.

“Avaada Energy (group) announces a strategic partnership with AEW to pioneer renewable power generation in the Kingdom of Saudi Arabia and selected Middle Eastern regions,” the firm announced. Vineet Mittal, Chairman, Avaada Group, informed that the alliance will explore opportunities in solar, wind, hybrid and battery energy solutions.

As per the terms of the PPA, Avaada will be the technology partner and provide renewable energy installation solutions. AEW will bring to the table essential resources.

The MoU was signed during Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud’s official visit to India. Indian Prime Minister Narendra Modi held wid-ranging discussions yesterday with the Crown Prince.

Recently, Avaada Energy, an arm of Avaada Group, an integrated energy group with business interests in renewable power generation, solar module manufacturing, electrolyser manufacturing and green ammonia production, received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project.

Earlier, GUVNL also awarded a 200 MW solar power project to Avaada Energy at a tariff of Rs 2.75 per Kilo-Watt-Hour (KwH). More recently, the firm had bagged 200 MW of capacity at Rs 2.62 per kWh in a 1 GW RUVNL tender.