Avaada Power signs MoU for 500MW of solar in Andhra Pradesh

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
(from left) Mr Kishor Nair, COO Avaada Power with the Honorable Chief Minister of Andhra Pradesh, N. Chandrababu Naidu for a partnership to develop 500 MW solar capacity. Credit: Avaada Power

Indian solar developer Avaada Power has further staked its claim on the Indian PV market by signing a memorandum of understanding (MoU) with the Andhra Pradesh government to develop 500MW of utility-scale PV projects, with an investment of INR35 billion (US$537 million).

The firm said that the projects in the South Indian state would be able to power the equivalent of 2.4 million households and generate more than 1,200 employment opportunities.

The government of Andhra Pradesh, which is one of the leading Indian states in terms of renewables deployment, has set a target to achieve 18GW renewable energy capacities by the year 2021-22.

Avaada Power only last week also inked an MoU with the government of Uttar Pradesh for another 1.6GW of projects, requiring US$1.55 billion investment.

In a release, Avaada Power has also announced that it is focusing on projects outside India, across Africa and Asia – a trend that has been seen among many of the top Indian solar firms over the last year.

Vineet Mittal, chairman Avaada Group, who was founder of Welspun Energy and formerly chairman of Indian solar pioneer Welspun Renewables, said: “We are making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors. The company has set a target of achieving 5GW capacity in the next four years. With this, we aspire to play a pivotal role in meeting the increasing energy needs reiterating our commitment towards delivering clean and sustainable energy to all.”

Read Next

June 18, 2021
UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) has signed an agreement to invest in a 250MW solar plant in Rajasthan, India
June 16, 2021
EQT infrastructure has announced a takeover bid for Solarpack, which owns approximately 450MW of operational solar PV projects.
June 16, 2021
Azure Power Global saw its cost of deploying solar fall by nearly 19% last year, but the company still recorded a net loss of US$38.1 million in the quarter ending 31 March 2021 despite a year-on-year increase in revenue.
June 7, 2021
India’s rising renewable power capacity could render the country’s 33GW of coal-fired power plants under construction unviable.
June 3, 2021
Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.
May 28, 2021
India installed just over 2GW of solar in Q1 2021 as the country rebounded from COVID-19 related delays, however full-year installs could fall to well below previous estimates, one forecast suggests.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021