Indian renewable energy firm Avaada Group has announced a $12 billion investment in Rajasthan, as it seeks to establish the state as a ‘global renewable energy powerhouse’.
The investment was announced during the Rising Rajasthan 2024 Summit, which was attended by Indian prime minister Narendra Modi and Rajasthan chief minister Bhajanlal Sharma.
‘Unparalleled opportunity’
“Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape,” commented Avaada Group’s Chairman Vineet Mittal. “Avaada’s commitment of $12 billion while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”
The initiative, which aligns with India’s broader green energy ambitions, seeks to highlight Rajasthan’s potential as a renewable energy hub, with more than 142 GW of solar potential supported by over 325 sunny days every year. Elsewhere, Rajasthan’s alignment with global frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM) further enhances its appeal for sustainable industrial growth.
Among the Avaada Group investments will be a 1,200 MW pumped storage project; widespread solar and wind projects across Jhalawar, Kota, Barmer, and Bikaner; and green hydrogen and ammonia projects.
“As a global renewable energy leader, Avaada is proud to participate in Rajasthan‘s vision of becoming a green hub of industrial growth,” Mittal added. “Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”
Economic benefit
Through this initiative, the group aims to double Rajasthan’s economy by 2030, as well as contributing to India’s renewable energy target of 500 GW by 2030. Avaada Energy, Avaada Group’s renewable power generation arm, aims to achieve a capacity of 11 GWp by 2026.
‘With its strategic initiatives, Avaada Group is poised to attract international collaborations, setting a benchmark for renewable energy innovation and sustainable industrial development,’ the company noted. Read more here.
