Avaada Power Pvt Ltd, one of India’s leading clean energy companies, has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh (UP) to invest INR 100 billion ($1.55 billion) in the state for 1.6 GW worth of solar PV projects.
The MoU was signed as part of the ‘UP Investors Summit 2018’, in the presence of Chief Minister of UP, Yogi Adityanath.
The PV projects will be developed across the Mirzapur, Badun, Gorakhpur and Bundelkhand districts of the UP state, located in the northern part of India. Clean energy generated through these projects will be enough to power nearly 7.44 million households in Uttar Pradesh, said the company.
Vineet Mittal, Chairman, Avaada Group told “Avaada Power has committed to develop utility-scale projects to enable the state of Uttar Pradesh to meet its development needs sustainably.” The project does not include any rooftop or off-grid systems. “Given the quantum of projects, they will be developed over a period of time,” he added, declining to add any further details.
With this investment, the company will be able to mitigate nearly 25,79,820 tonnes of carbon emissions on an annual basis. Moreover, nearly 3,700 employment opportunities will be created, partly in under-developed and developing regions.
According to Avaada, UP currently has an installed capacity of 569.35 MW solar energy. It has the potential to reach 22.8 GW, however. Avaada aims to help in bridging this gap, and it is in line with UP’s annual target of 2 GW production capacity of solar energy by 2018.
Commenting on the announcement, Mittal said, “The state falls under high solar irradiation zone, which offers tremendous opportunities for expanding its clean energy portfolio.”
Currently, the clean energy company has a solar portfolio of nearly 1 GW, spread across 10 states in India and is building a multi-GW portfolio in both India and globally.