AVAADA GROUP ANNOUNCES MOU WITH REC FOR FUNDING ITS ENERGY TRANSITION PROJECTS

Goa, July 22, 2023: Today in Goa on the sidelines of the 4^th meeting of the G20 Energy Transition Working Group (ETWG), Avaada Group, a vanguard of India’s renewable energy sector, is pleased to announce a formidable partnership with the Rural Electrification Corporation (REC), concretized through a Memorandum of Understanding (MoU). This agreement ushers in a massive surge of support for Avaada’s diverse energy transition ventures, with the total investment reaching an impressive INR 20,000 crores.

In the upcoming five years, Avaada is primed to harness this considerable investment to spearhead a plethora of innovative renewable energy projects across India. These pioneering ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects. This concerted effort aligns seamlessly with the Hon’ble Prime Minister of India, Shri Narendra Modi’s vision of ‘Atmanirbhar Bharat’ and the Green Hydrogen Mission, driving India’s energy transition growth.

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. Through these strategic alliances, Avaada is poised to transform India’s renewable energy landscape, solidifying its role as a key contributor in the global fight against climate change.

Speaking on this milestone, Mr. Vineet Mittal, Chairman of Avaada Group, said, “This landmark collaboration REC symbolizes a monumental stride towards India’s energy self-sufficiency. It exemplifies our staunch commitment to nurturing a sustainable future and propelling India’s green energy transition.”