Avaada Group and the Government of Bihar have inked a Memorandum of Understanding (MoU) for the development of 1 GW of renewable energy projects throughout the state.
Avaada would invest INR 5,000 crore to create a total of 1 GW of renewable energy projects, including ground-mounted, floating, community, and battery storage projects, in accordance with the agreed Memorandum of Understanding.
Additionally, the state government would help the business get the required clearances, approvals, etc. from the relevant state authorities.
On the occasion of the introduction of the New Policy on RE projects and PSP projects, the Bihar Renewable Energy Development Agency and Shri Kishor Nair, Chief Executive Officer, Avaada Energy Private Ltd, signed an MOU in the presence of Hon. Bijendra Prasad Yadav, Hon. Minister of Energy, and Hon. Nitish Mishra, Hon. Minister of Industries.
500 people are anticipated to be directly employed by these projects, and production is anticipated to start within two years following the execution of PPAs with Bihar state agencies and the government of Bihar’s facilitation of land and water bodies.
Additionally, Avaada will be eligible for incentives in accordance with the applicable incentive laws and policies of the state government.
Leadership Comments
Commenting on the development, Vineet Mittal, Chairman, Avaada Group, complemented Bihar Govt and Energy Department in bringing such a policy which is amongst the best RE Policy and will attract more investment in RE sector in the state.
“At Avaada, we are committed to accelerating India’s energy transition while contributing to regional growth and development. Our partnership with the Government of Bihar marks a significant step towards harnessing the state’s renewable energy potential through ground-mounted, floating, community solar plants, battery storage project etc. Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress. We are proud to support Bihar’s vision for a greener, more prosperous future,” said Kishor Nair, Chief Executive Officer, Avaada Energy.
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