Tag: Avaada Group

Business

Avaada Energy Secures Green Financing of INR 1,190 Cr for New Solar Project in Gujarat

May 2, 2024 by Sujata Muguda 0 Comments #400 MWp utility-scale solar PV power project in the Surendra Nagar, #Avaada Energy, #Avaada Energy Secures Green Financing, #Avaada Group, #Gujarat Urja Vikas Nigam Limited, #Mr. Vineet Mittal, #Mumbai, #New Solar Project in Gujarat

Mumbai, May 2, 2024: Avaada Energy, the renewable energy arm of Avaada Group, is pleased to announce that it has secured Green Financing of about INR 1,190 crore (~USD 143 million) from India’s largest public sector lender, the State Bank of India (SBI).

This financing will support the development of a 400 MWp utility-scale solar PV power project in the Surendra Nagar district of Gujarat. This project underlines Avaada’s commitment to expanding its footprint in renewable energy, leveraging strategic financing to foster growth and innovation. The entire power generated from the project will be procured by Gujarat Urja Vikas Nigam Limited (GUVNL), an apex body of the Government of Gujarat engaged in the bulk purchase and sale of electricity.

This landmark transaction marks Avaada’s first endeavor in developing a greenfield project under an existing Special Purpose Vehicle (SPV) that already possesses an operational project. This strategic arrangement will enable the organization to optimize its capital structure and simplify the ownership structure of its project subsidiaries, demonstrating Avaada’s approach to managing and expanding its renewable asset base.

The financing from SBI, sanctioned and disbursed as a 20-year project loan facility, was obtained at competitive terms, showcasing Avaada’s strong project financing capability.

Commenting on the significant development, Mr. Vineet Mittal, Chairman of Avaada Group, said, “We are delighted to strengthen our relationship with the State Bank of India through our project financing agreement. This partnership not only reflects our strategic vision to build a diverse and high-quality portfolio of energy transition assets but also highlights the trust and commitment of leading financial institutions to support renewable energy projects with stable, long-term cash flows.”

News

Avaada Group to Participate at the 26th World Energy Congress in Rotterdam

Apr 20, 2024 by Sujata Muguda 0 Comments #Avaada Group, #green energy solutions, #Mr. Vineet Mittal, #ROTTERDAM, #World Energy Congress

Mumbai, April 20, 2024: Avaada Group, a leading player in green energy solutions, is pleased to announce its participation at the upcoming 26th World Energy Congress, scheduled to take place in Rotterdam, Netherlands, from April 22, 2024, to April 25, 2024. The Congress, organized by the World Energy Council, serves as a global platform for dialogue and collaboration on energy-related issues.

 The Confederation of Indian Industry (CII) will lead the Indian delegation to the Congress, aiming to amplify India’s role in the global energy transition and its commitment to achieving net zero emissions. Mr. Vineet Mittal, Chairman – CII Taskforce on Green Hydrogen and Chairman of Avaada Group, has agreed to be a part of the esteemed industry delegation, along with other prominent leaders from the Indian energy sector.

 The 26th World Energy Congress will provide an opportunity to showcase India’s potential as a powerhouse of renewable energy and its commitment to achieving net-zero emissions. The objective of the Indian delegation at the 26th World Energy Congress will be to advocate for collaborative efforts, technological innovation, and strategic partnerships in the energy sector. Commenting on the participation of the Indian delegation at the 26th World Energy Congress, Mr. Vineet Mittal, Chairman of the CII Taskforce on Green Hydrogen and Chairman of Avaada Group, said, “The 26th World Energy Congress in Rotterdam represents a significant milestone for India and the global community in advancing the energy transition. As part of the Confederation of Indian Industry (CII) delegation, Avaada Group is committed to leveraging this platform to articulate India’s achievements and ambitions in renewable energy and energy transition space. Our goal is to engage in meaningful exchanges, learn from global best practices, and establish partnerships that are essential for collaborative progress. This congress offers a unique opportunity for us to highlight India’s dedication to sustainable energy solutions, showcase our advancements in clean technology, and reinforce our leadership in the global energy landscape. Through our participation, we aspire to contribute constructively to the global energy dialogue and bring back valuable insights and collaborations that will further propel India towards a sustainable and energy-secure future.”

Business

Avaada Group to Develop 6 GW Hybrid Wind-Solar Projects in Gujarat with Rs 40,000 Cr Investment

Jan 18, 2024 by Sujata Muguda 0 Comments #6 GW Hybrid Wind-Solar Projects, #Avaada Group, #Vineet Mittal

Mumbai, 18th January 2024 – Avaada Group, India’s prominent integrated energy platform, has signed a Memorandum of Understanding (MoU) with the Government of Gujarat. This strategic alliance aims to set up hybrid wind-solar projects with an aggregate 6000 MW (6 GW) capacity in the state with an investment of about Rs 40,000 crore, marking a pivotal moment in the journey towards greener future.

Avaada Group’s commitment to green initiatives in the state of Gujarat is underscored by substantial investments in the development of a robust Renewable Energy ecosystem. In line with its commitment, the milestone agreement was signed in the august presence of Hon’ble Chief Minister of Gujarat Shri Bhupendrabhai Patel, along with other dignitaries on the sidelines of the Vibrant Gujarat Summit 2024 at Gandhinagar.

The hybrid projects, located in various districts of Gujarat, predominantly in the underdeveloped waste lands of Kutch, will supply power to various utilities of India including GUVNL, and for captive use of AVAADA’s Green Hydrogen/Ammonia Projects. These Projects will substantially reduce the carbon emission and dependability of conventional power sources and stand as a testament to our commitment to scalable and innovative solutions, aiming to revolutionize the energy landscape while addressing critical environmental and economic imperatives.

With an estimated annual generation of 17.5 billion units of green electricity, this will lead to a reduction of approximately 16.3 million tons of CO2 equivalent emissions annually, contributing significantly to India’s green energy supply and powering nearly 12.6 million households.

Moreover, it will generate ~1200 direct and indirect jobs, thereby contributing to local and regional economic development.

Speaking on the significant development, Mr. Vineet Mittal, Chairperson of Avaada Group, said, “Due to the pressing need to tackle climate change, governments, private sector as well as individuals globally are increasingly focusing on sustainable solutions to promote economic growth and well-being for everyone. Renewable energy along with green hydrogen and its derivatives have emerged as powerful substitutes for fossil fuels, driving rapid decarbonization across various industries and regions.

With its abundant natural resources including 300 sunshine days, availability of vast wasteland and long coastline, Gujarat has the potential to significantly contribute towards meeting the global demand for alternative solutions for fossil fuels.

At Avaada Group, our dedication to driving sustainable energy solutions takes another significant stride forward with the signing of this MoU. This strategic partnership signifies our unwavering commitment to foster a robust, clean energy ecosystem. Besides the signing of the new 6 GW capacity in the state, we already have projects of ~2 GW capacity that are operational or at various stages of implementation in the state of Gujarat.”