The agreement was
signed in the presence of Gujarat Chief Minister Bhupendrabhai Patel on the
sidelines of the Vibrant Gujarat Global Summit 2024 on January 10-12 at
Gandhinagar.
According to the statement, Avaada Group has signed
a Memorandum of Understanding (MoU) with the Gujarat government.
This strategic
alliance aims to set up hybrid wind-solar projects with an aggregate 6,000 MW
(6 GW) capacity in the state with an investment of about Rs 40,000 crore.
The group’s commitment
to green initiatives in Gujarat is underscored by substantial investments in
the development of a robust renewable energy ecosystem.
The hybrid projects, located in various districts
of Gujarat, predominantly in the underdeveloped wastelands of Kutch, will
supply power to various utilities of India including GUVNL (Gujarat UrjaVikas
Nigam Ltd), and for captive use of Avaada’s green hydrogen/ammonia projects.
These projects will
substantially reduce the carbon emissions and dependability of conventional
power sources.
With an estimated
annual generation of 17.5 billion units of green electricity, this will lead to
a reduction of approximately 16.3 million tonnes of CO2 equivalent emissions
annually, contributing significantly to India’s green energy supply and
powering nearly 12.6 million households.
Moreover, it will generate 1,200 direct and
indirect jobs, thereby contributing to local and regional economic development.
Avaada Group is into
production of solar modules, renewable power generation, and the development of
large-scale projects for green hydrogen, green methanol, green ammonia, and
sustainable aviation fuel.