New Delhi: Avaada Power Pvt. Ltd, India’s leading clean energy company, said on Wednesday it will invest Rs3,500 crore to set up 500MW solar projects in Andhra Pradesh.
The utility-scale solar projects will generate enough clean energy to sustainably power over 2.4 million households across the state, the company said in a statement. An agreement to this effect was signed during the CII Partnership Summit 2018 in Vishakhapatnam. Andhra Pradesh is targeting 18GW of renewable energy capacities by 2021-22.
“The investment by Avaada Power is expected to generate more than 1,200 employment opportunities," it said. Speaking on the development Vineet Mittal, chairman Avaada Group said, “We believe that business and sustainability go hand-in-hand. Our business strategies are inter-woven with the government’s mission of promoting renewable energy in the country."
Stating that the company is making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors, he said Avaada has set a target of achieving 5GW capacity in the next four years.
Avaada Power recently committed Rs10,000 crore investment in Uttar Pradesh for developing 1,600MW solar projects. It plans to set up mega projects in solar and wind energy in a phased manner. “With an aim to invest Rs25,000 crore, the company has embarked on a journey towards generating sustainable energy not just in India but across Asian and African countries," the statement said.