New Delhi (Agency): The Rural Electrification Corporation (REC) has joined forces with Avaada Group, a key player in India’s renewable energy sector. They have signed a memorandum of understanding to fund energy transition projects worth Rs 20,000 crore.
This notable collaboration took place on the sidelines of the G20 Clean Energy Ministerial meeting held in Goa. REC officials and Avaada Group Chairman Vineet Mittal were present to sign the agreement.
Chairman Mittal declared that these projects will roll out over the next two years across various Indian states, including Bihar, Rajasthan, and Maharashtra. He stated that this major collaboration with REC represents a significant step towards India’s energy self-sufficiency.
Mittal shared, “It exemplifies our staunch commitment to nurturing a sustainable future and propelling India’s green energy transition.” Avaada Group, he noted, is prepared to use this sizeable investment to spearhead a range of innovative renewable energy projects across India in the next five years.
“These pioneering ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind and hybrid projects,” Mittal added.
The Avaada Group chairman also expressed that this joint effort aligns perfectly with Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’ and the Green Hydrogen Mission.
He said, “The substantial endorsement from REC underscores Avaada’s unwavering dedication to a greener and more sustainable future for India. For over a decade, REC has extended steadfast support to Avaada, either directly or via the KFW and World Bank line.”
With these strategic partnerships, Avaada is on its way to transforming India’s renewable energy landscape, and further cementing its role in the worldwide fight against climate change, concluded Mittal.