Avaada Group to set up 1 GW renewable energy projects in Bihar

Yeni Delhi: Avaada Group signed an agreement with the Bihar government to develop 1 Gigawatt (GW) of renewable energy projects throughout the state.

Avaada will invest according to the terms of agreement La5,000 Crore to create a capacity of 1 GW in various formats, including destroyed sun, floating sun, floating sun, community solar plants and battery storage projects. According to a company statement, the state government will help the company secure the necessary approval and permits from the relevant government departments.

The announcement follows the Bihar government to start a new renewable energy policy at the beginning of this month and aims to attract investments. La1.5 trillion. The policy aims to develop approximately 24 GW renewable energy capacity and 6 Gigawatt clock (GWH) energy storage time.

It also provides reforms to accelerate project approval, reduce developer costs and provide incentives for clean energy production and electric vehicle (home) charging infrastructure. The planned energy mix includes sun, wind, hybrid systems, biomass and waste-energy projects.

Avaada Group President Vineet Mittal, connecting the company’s investment plans to the new policy of the state, adding that it will help to invest more in the renewable energy sector.

Kishor Naır, renewable energy branch, “Beyond clean energy production, this investment, allied industries and sustainable socio-economic progress will encourage,“ Bihar government with our partnership, the state’s renewable energy potential is mounted from the ground, floating, community solar plants, battery storage project and so on.

According to the company, planned projects are expected to create direct employment for 500 people. Production will begin within two years after the implementation of power purchasing agreements (PPA) with Biha state institutions and the state government.

Avaada also said that the Biha government would be suitable for incentives within the scope of the applicable incentive framework and renewable energy policy.

Avaada Group operates in various segments in the field of clean energy, including renewable energy production, solar module and green hydrogen, and green hydrogen. The company currently has a 5 GW operational green energy capacity and aims to expand its established base to 11 GW up to 30 GW by 2026 and 2030.