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Business News/ Companies / News/  Avaada to grow workforce by 300% in 2 yrs
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Avaada to grow workforce by 300% in 2 yrs

The firm's expansion is aligned with its increasing activities in solar module manufacturing as well as green hydrogen operations

Avaada plans to set up solar module manufacturing unit. (AFP)Premium
Avaada plans to set up solar module manufacturing unit. (AFP)

Renewable energy firm Avaada Group is set to expand its workforce by nearly 3,000 employees in the next two years, Vineet Mittal, chairman and founder, Avaada said in an interview.

At present, Avaada employs around 700 people. The expansion is aligned with its increasing activities in solar module manufacturing as well as green hydrogen operations. “We will be hiring 2,000-3,000 people within two years," he said.

The announcement comes just two months after the firm secured the largest funding in India’s renewable energy sector worth $1.3 billion. While Brookfield Global Transition Fund invested $1 billion, existing shareholder Global Power Synergy Public Co. raised its stake in Avaada Energy Pvt Ltd through an infusion of $233 million. According to Mittal, the firm has operational renewable energy capacity of 4 GW, and 3 GW is under construction. It seeks to take its renewable energy capacity to 30 GW by 2030. Apart from investing in solar and wind energy projects, it has forayed into solar module manufacturing, production of green hydrogen and its derivatives, as well as manufacturing electrolyzers, he added.

As its seeks to be a ‘sand-to-molecule’ company, Avaada is in the process of setting up a 3 GW solar module manufacturing unit. It aims to take its cell-to-module capacity to 5 GW by 2025, Mittal said.

The company has also won a production-linked incentive of 961 crore for 3 GW of wafer-to-module capacity as part of the central government’s PLI scheme.

Mint had reported that apart from captive consumption of its solar cells and modules, the company would look to cater to the requirements of solar power developers in the US and Europe.

The company plans to set up a 1-million tonne per annum green hydrogen facility as part of its green hydrogen, green ammonia and green methanol operations. Mittal, however, did not disclose the location for the plant. India’s renewable energy sector is fast evolving with the government setting an ambitious 500 GW installed renewable capacity target by 2030, and net-zero emissions by 2070.

While India’s green hydrogen sector is yet to mature it has garnered huge attention from investors with the Centre government rolling out the national green hydrogen mission in early 2023. The Centre seeks to have green hydrogen production capacity of at least 5 million tonnes per annum by 2030. It has also announced schemes worth 17,490 crore to support electrolyzer manufacturing and green hydrogen production.

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Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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Updated: 30 Aug 2023, 12:17 AM IST
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