DBT Bureau
Pune, 23 Dec 2024
Avaada Group has pledged an unprecedented $12 billion investment in Rajasthan, India, to accelerate the region’s green energy transition and establish it as a global renewable energy hub. This landmark commitment was made during the Rising Rajasthan 2024 Summit, which was attended by India’s Prime Minister Narendra Modi and Rajasthan’s Chief Minister Bhajanlal Sharma.
Highlighting Rajasthan’s strategic importance, Avaada Group’s Chairman Vineet Mittal, Guest of Honour at the event, stated, “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape. Avaada’s commitment of $12bn while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”
Rajasthan stands out as a global hub for renewable energy, with over 142 GW of unmatched solar potential, supported by 325+ sunny days annually. The state’s pro-business policies, including the Rajasthan Investment Promotion Scheme 2024 and the Integrated Clean Energy Policy 2024, have attracted investments worth $78bn.
Avaada Group’s journey in Rajasthan began with a modest 150 MW solar project and has since evolved into multiple ventures, including one of the world’s largest single-location renewable energy projects by an IPP. Key investments announced at the summit include:
- 1,200 MW Pumped Storage Project (PSP): A $700mn initiative to enhance energy storage and grid stability.
- Green Hydrogen and Ammonia Projects: Investments aimed at driving global decarbonization goals.
- Utility-Scale Solar and Wind Projects: Across Jhalawar, Kota, Barmer, and Bikaner, contributing significantly to India’s renewable energy targets.
With its strategic alignment to international sustainability frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM), Rajasthan offers a unique advantage for zero-carbon manufacturing and green industrial growth, positioning itself as a magnet for industries seeking sustainable operations while creating over 1mn green jobs.
“As a global renewable energy leader, Avaada is proud to participate in Rajasthan’s vision of becoming a green hub of industrial growth,” Vineet Mittal remarked. “Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”
With its strategic initiatives, Avaada Group is poised to attract international collaborations, setting a benchmark for renewable energy innovation and sustainable industrial development.
