Avaada Group to invest Rs 50,000 crore in Madhya Pradesh's green energy sector says Chairman Vineet Mittal
Avaada Group plans to invest Rs 50,000 crore in Madhya Pradesh's green energy sector over the next five years, with significant project completion expected within three to four years. The investment is backed by global investors, contributing to India's goal of achieving 500 gigawatts of non-fossil fuel energy.
The company had set up the state's first large-scale solar power plant with a capacity of 151 megawatts.
Over the years, Avaada has expanded its presence by developing various renewable energy projects , including solar, wind, and pumped storage battery systems.
He said "currently we are considering around 50,000 crore investment into Madya Pradesh over a period of 5 years and most of it should materialize in 3 to 4 years". Mittal highlighted that Avaada's investment is backed by global investors such as Thailand's PTT Group and Brookfield.
He stated that the company has already secured capital for its ongoing projects in Madhya Pradesh, many of which are part of national tenders run by the Solar Energy Corporation of India (SECI). Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrows Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Artificial Intelligence(AI) AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Advanced C++ Mastery: OOPs and Template Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, IT Specialist and Developer View Program Legal Complete Guide to AI Governance and Compliance By - Prince Patni, Software Developer (BI, Data Science) View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Technology Certified Jenkins Professional By - Vskills, India's Leading Certification Body View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Web Development Mastering Full Stack Development: From Frontend to Backend Excellence By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Financial Literacy i.e Lets Crack the Billionaire Code By - CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program Discussing India's ambitious renewable energy goals, Mittal emphasized the country's target of achieving 500 gigawatts of non-fossil fuel energy.
He noted that India's annual solar power capacity has significantly increased from 10 gigawatts to 30 gigawatts and needs to reach 50 gigawatts per year to achieve the target.
"India has a vision of 500 gigawatts of non-fossil fuel.
If you look at now from 10 gigawatts almost a year we have started doing 30. We need to push it to 50 gigawatts.
Then 500 gigawatts would be real" he stated.
He also pointed out that India's solar panel production has grown from less than 5 gigawatts to 60 gigawatts, reflecting the country's rapid expansion in the renewable energy sector.
Mittal also addressed India's rising power demand, attributing it to the Make in India initiative and increasing economic prosperity.
However, he expressed confidence that India is well-positioned to meet the demand through its aggressive expansion of renewable energy sources.
He emphasized that with advancements in solar, wind, and battery storage technology , India can provide round-the-clock green energy at competitive rates, even cheaper than thermal power.
