2018-03-06
Avaada Power to develop 500-MW solar projects in Andhra Pradesh

Avaada Power, a clean energy company, has partnered with the government of Andhra Pradesh to develop 500-MW utility-scale solar projects. Towards this, the company plans to invest Rs 3,500 crore in the state. This investment will generate enough clean energy to sustainably power over 2.40 million households across Andhra Pradesh. The government of Andhra Pradesh has set a target to achieve 18 GW of renewable energy capacities by the year 2021-22. The investment by Avaada Power is expected to generate more than 1,200 employment opportunities. The memorandum of understanding (MoU) is a step in the direction of achieving the government’s renewable energy objective; approximately 8,32,200 tonne of CO2 emissions will be mitigated annually by this project in the state.

In a statement, the company has set a target to achieve 5 GW in the next four years. Avaada Power recently committed Rs 10,000 crore of investment in Uttar Pradesh to develop 1,600-MW solar projects. Avaada plans to set up mega projects in solar and wind energy in a phased manner. With an aim to invest Rs 25,000 crore, the company has embarked on a journey towards generating sustainable energy in Asian and African countries as well.

Source- The Financial Express