Avaada Group to Raise $1 Billion for Green Projects
ECONOMY & POLICY

Avaada Group to Raise $1 Billion for Green Projects

Avaada Group plans to raise $1 billion (over Rs 8,400 crore) in debt by March next year to fund its wind, solar, and other renewable energy projects, as confirmed by chairman Vineet Mittal. The group has already raised equity to support its initiatives.

With an operational capacity of over 4 gigawatts (GW), Avaada aims to achieve 11 GW by 2026 and 30 GW by 2030. “We could reach 30 GW sooner if transmission infrastructure improves,” Mittal said.

Avaada’s portfolio includes 5 gigawatt-hours (GWh) of battery storage and 10 GWh of long-duration pumped hydel storage. Last year, it raised $1.3 billion from Canadian investor Brookfield and Global Power Synergy to fund its green hydrogen and green ammonia ventures in India.

The group is establishing a 5 GW solar manufacturing plant in Nagpur, which will convert silicon into ingots, wafers, and solar panels. It is investing Rs 13,560 crore in the project, which is expected to begin operations next year.

Avaada is also working on developing pumped storage projects (PSPs) in Rajasthan and Odisha and has secured $1.8 billion for green ammonia and green hydrogen projects in Odisha’s Gopalpur Industrial Park.

Avaada Group plans to raise $1 billion (over Rs 8,400 crore) in debt by March next year to fund its wind, solar, and other renewable energy projects, as confirmed by chairman Vineet Mittal. The group has already raised equity to support its initiatives. With an operational capacity of over 4 gigawatts (GW), Avaada aims to achieve 11 GW by 2026 and 30 GW by 2030. “We could reach 30 GW sooner if transmission infrastructure improves,” Mittal said. Avaada’s portfolio includes 5 gigawatt-hours (GWh) of battery storage and 10 GWh of long-duration pumped hydel storage. Last year, it raised $1.3 billion from Canadian investor Brookfield and Global Power Synergy to fund its green hydrogen and green ammonia ventures in India. The group is establishing a 5 GW solar manufacturing plant in Nagpur, which will convert silicon into ingots, wafers, and solar panels. It is investing Rs 13,560 crore in the project, which is expected to begin operations next year. Avaada is also working on developing pumped storage projects (PSPs) in Rajasthan and Odisha and has secured $1.8 billion for green ammonia and green hydrogen projects in Odisha’s Gopalpur Industrial Park.

Next Story
Resources

Embassy Developments Appoints New Leadership, Plans Expansion

Embassy Developments Limited (EDL) has appointed Jitendra Virwani as Chairman and Aditya Virwani as Managing Director, following a board decision on February 25, 2025. Sachin Shah will continue as CEO & Executive Director, and Rajesh Kaimal has been named CFO & Executive Director.Under its growth strategy, EDL has announced asset acquisitions worth Rs 5.59 billion (bn), including a 1.3 million sq. ft. luxury residential project and a 9.5-acre land parcel in North Bengaluru. The company is also planning a Rs 20 bn Qualified Institutional Placement (QIP) to support expansion and ..

Next Story
Resources

Signature Global marks National Safety Week with safety initiatives onsite.

Signature Global (India) has launched National Safety Week (4-10 March 2025) across its construction sites, reaffirming its commitment to occupational health and safety. Aligned with the 54th National Safety Day theme, ""Safety and Well-being: Crucial for Viksit Bharat,"" the initiative highlights the company’s focus on comprehensive safety practices.The observance began at Signature Global City 93, Gurugram; Signature Global City 37D; DE-LUXE DXP at Dwarka Expressway; and Signature Global Imperial at Sector 88, engaging workers, laborers, and staff through awareness programs and strict adhe..

Next Story
Resources

Hafele Expands Presence in Indore with New Licht Experience Centre

Hafele, a global leader in interior solutions, has launched its second Licht Experience Centre in India, following Chandigarh. Located at Uniko Lights, Indore, the centre offers cutting-edge lighting solutions designed to inspire architects, designers, and consumers.Inaugurated by Manish Mahajan, Sales Director – Hafele South Asia, and Manish Kumat, Principal Designer – Manish Kumat Design Cell, the centre showcases architectural and furniture lighting solutions that enhance both aesthetics and functionality. The Loox Range, designed for furniture lighting, integrates seamlessly into vario..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?