Avaada Power signs MoU for 1.6GW of solar in Uttar Pradesh

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Avaada Power is made up of many of the team from former solar pioneer Welspun Renewables. Credit: Welpsun/Tata Power

Indian renewable energy project developer Avaada Power has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh to invest US$1.55 billion for the development of 1.6GW of solar projects in the state.

The projects will be developed across Mirzapur, Badun, Gorakhpur and Bundelkhand districts, creating nearly 3,700 jobs in the process, said Avaada in a release. The MoU was signed as part of ‘UP Investors Summit 2018’, in the presence of the chief minister of Uttar Pradesh Yogi Adityanath.

Uttar Pradesh has its own target for 2GW of solar each year. The state currently has an installed capacity of 569.35MW of PV and Avaada claims the state has the potential to reach 22.8GW. Last month, it also issued a tender for 1GW of solar projects.

Vineet Mittal, chairman, Avaada Group, who was founder of Welspun Energy and formerly chairman of Indian solar pioneer Welspun Renewables before it was acquired by Tata Power, said: “We are geared up to support Uttar Pradesh’s mission of utilizing the potential of the sun to power its development needs sustainably. We are working aggressively to help catapult the state on the clean energy trajectory. The state falls under high solar irradiation zone, which offers tremendous opportunities for expanding its clean energy portfolio.”

Avaada Power itself plans to set up gigawatts of solar projects across India, having already built nearly 1GW of capacity across 10 states. It has been active in some of last year's auctions that drew record low prices.

Read Next

May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
April 30, 2021
Solar manufacturers that plan on setting up integrated, higher capacity plants in India will be given preference in the country’s new production-linked incentive (PLI) programme.
April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021