Lucknow: Avaada Power, a clean energy company, on Wednesday said it will invest Rs10,000 crore in setting up 1,600MW solar projects in Uttar Pradesh.
The firm signed a memorandum of understanding (MoU) with the UP government during Investors Summit 2018, in Lucknow. “The projects will be developed across Mirzapur, Badaun, Gorakhpur and Bundelkhand districts," the company said in a statement adding that the investment will churn out nearly 3,700 jobs.
Avaada’s projects will help UP meet its annual target of 2,000MW production capacity of solar energy. The state has an installed capacity of 569.35MW solar energy and has the potential to touch a high generation figure of 22.8GW.
“With its solar commitment, the organisation will be able to mitigate nearly 25,79,820 tonne of carbon emissions on an annual basis. Clean energy generated through these projects will be enough to power nearly 7.44 million households in UP," the statement said.
Chairman of Avaada Group Vineet Mittal said: “We are geared up to support UP’s mission of utilising the potential of the sun to power its development needs sustainably. We are working aggressively to help catapult the state on the clean energy trajectory."
UP falls under high solar irradiation zone, which offers tremendous opportunities for expanding its clean energy portfolio. “This MoU will enable UP to be the front runner in achieving Prime Minister’s vision of 100 GW of solar energy by 2022," he said.
“The company is committed to providing affordable, clean and abundant power for the country and will continue to focus on innovative green technologies," Mittal added. Avaada Power has a portfolio of nearly 1GW.