Avaada Signs MoU for Bihar Renewable Energy Project Worth ₹5,000 Cr
Avaada Group has signed a memorandum of understanding (MoU) with the Government of Bihar. The MoU is related to a ₹5,000 crore Bihar renewable energy project. The project will increase the energy capacity of Bihar by 1 GW (gigawatt). It will also create atleast 500 direct jobs and boost the local economy.
The MoU was signed between the Bihar Renewable Energy Development Agency (BREDA) and Avaada Energy Pvt Ltd, led by CEO Kishor Nair. It will feature ground-mounted solar plants, floating solar parks, community solar plants and battery energy storage systems. The MoU was signed during the launch of Bihar’s new renewable and storage policies. Bihar’s Energy Minister Bijendra Prasad Yadav and Industries Minister Nitish Mishra were also present in the event.
We have covered everything about the Bihar Renewable Energy Project in this article including details of the MoU, project, construction timeline, benefits for Bihar, and next steps. You can use the following Table of Contents to navigate as per your preference:
Table of Contents
About the Bihar Renewable Energy Project
The Bihar Renewable Energy Project is one of the largest single investments in Bihar’s renewable energy sector. The Avaada group has signed an initial pact and they will be investing approximately ₹5,000 crore to build multiple projects in Bihar was will give 1 GW is green energy. It is expected to create 500 direct jobs and indirect employment as well. The co-ordinating industries will also develop.
Vineet Mittal, Chairman of Avaada Group, praised Bihar’s renewable energy policy as the most forward-looking in India and he believes that it would further encourage more such large scale investments.
State Support and Incentives
Under the MoU, it is clearly mentioned that the Bihar government will be helping the Avaada Group in getting the necessary approvals such as land and water access at the earliest. Also, the Avaada Group will be eligible incentives that are available under Bihar’s new green energy policy. The Bihar Renewable Energy Project will also include benefits related to capital investment and tax relief.
Energy Minister Bijendra Prasad Yadav said that this Bihar renewable energy project will set the foundation for more investments and infrastructural projects in the energy sector.
Project Timelines and Next Steps
The development of this Bihar renewable energy project is expected to start after power purchase agreements (PPAs) are signed with the state authorities. Once the PPAs are signed, the project will be rolled out in phases.
Avaada Group will co-ordinate with BREDA to ensure that this ambitious Bihar renewable energy project is completed within the stipulated time. The company has begun identifying areas for land acquisition across Bihar.
About Avaada Group
Avaada Group is a leading name in India’s green energy sector. It is engaged in solar PV manufacturing, renewable power generation, battery storage, pumped hydro storage and green hydrogen. The company’s aim is to achieve 30 GWp of renewable capacity by 2030. It was funded $1.3 billion from Brookfield’s Energy Transition Fund and Thailand’s PTT Group subsidiary GPSC for the same. With this new Bihar renewable energy project, the company will anchor its presence in eastern India as well.
Conclusion
The ₹5,000 crore worth investment will prove to be a game-changer for Bihar’s green energy sector. It will create jobs while adding 1 GW of renewable capacity to the state.
This major investment also reflects how Bihar’s new Renewable Energy Policy is attracting large-scale projects into the state. Upon approval, it was dubbed as the most investor-friendly policy compared to other Indian states. If you want to know about the policy in detail you can read it here.
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