Avaada Group has signed a Memorandum of Understanding (MoU) with the Government of Bihar to develop 1 GW of renewable energy projects across the state. The MoU outlines Avaada’s investment of Rs 5,000 crore for various renewable energy projects, including ground-mounted, floating solar, community solar plants, and battery storage projects.
The state government will also assist Avaada Group in obtaining necessary approvals or clearances from relevant departments. The MoU was signed during the launch of a New Policy on Renewable Energy and Power Sector Projects.
A boost for clean energy
Veneet Mittal, Chairman of Avaada Group, praised the Bihar government and Energy Department for implementing a top-notch Renewable Energy Policy, which is expected to boost investment in the state’s renewable energy sector.
According to Kishor Nair, Chief Executive Officer, Avaada Energy, “Our partnership with the Government of Bihar marks a significant step towards harnessing the state’s renewable energy potential through ground-mounted, floating, and community solar plants; battery storage projects; etc. Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress. We are proud to support Bihar’s vision for a greener, more prosperous future.”
Economic and social impact
The projects are expected to create 500 direct jobs within two years, following the execution of PPAs with Bihar state agencies and the Government of Bihar’s facilitation of land/water bodies, and Avaada will be eligible for incentives as per the state government’s policies.
