Avaada Ventures Private Limited (Avaada Group Company), the Indian investment partner of Global Power Synergy PLC (GPSC), the listed innovative power flagship of Thailand's national energy company PTT Group, has signed an MoU for USD $ 5 Billion Green Ammonia plant with Rajasthan Government.
Avaada Group is India's leading integrated energy enterprise, signed a Memorandum of Understanding with the Department of Industries and Commerce, Government of Rajasthan, on Wednesday (August 24), to set up a Green Ammonia facility and a Renewable Energy power plant in Kota, Rajasthan. The MoU signed as part of the Investment promotion strategy for the Investment Rajasthan Summit held in New Delhi proposes an investment of $ 5 Billion crore while also providing direct employment opportunities to about 3,500 people and indirect jobs to over 10,500 people.
Calling the collaboration a game changer for India's green push, Mr. Vineet Mittal, Chair, Avaada Group, said, "Green energy transition is vital to the country's Atmanirbharta and will pave the way towards net-zero goals. Aligning with the nation's vision of self-reliance, at Avaada, we aim to make India energy independent by focusing on green energy security."
"GPSC investment in Avaada Energy Private Limited (Avaada Group Company) will indeed support the group mission to become leading player in renewable enegy in India which will surely benefit the partnership. We will take this association to build and reach newer Renewable Energy (RE) targets, and this investment in Rajathan is another step in that direction," said Vineet Mittal, Chair, Avaada Group
"At Avaada, we believe that business and sustainability go hand-in-hand. We are grateful to the Government of Rajasthan for this partnership. It will help strengthen India's green energy revolution, led by Hon'ble Prime Minister Narendra Modi , as we make significant investments in innovative clean energy solutions to support the country's exponential growth in the renewable energy sector," he added.
Elaborating on the clean energy technology, Mr Mittal further explained that the biggest advantage of Green Hydrogen is that it burns clean, leaving only water vapour behind. He further said, "For industries that require high-temperature heat, such as foundries and glass and steelmakers, this could be ground-breaking as it will not only replace fossil fuels with renewable sources but also produce green ammonia and a substitute for gas."
About Avaada Group
Avaada Group is India's leading Renewable Energy (RE) company with diverse business interests in Solar Module Manufacturing, Electrolyser manufacturing and Green Ammonia production. Avaada is one of the fastest-growing business groups having commissioned few largest solar projects across 11 states in India.
Avaada Energy, established in 2017, is the flagship company of the Avaada Group with a current RE portfolio of ~ 5 gigawatts (GW) of which ~ 3 GW is operational and balance under advance stage of construction. Avaada Energy installed 1 GW in the calendar year 2021 which is the largest among all the renewable energy IPPs in India, despite COVID challenges. Avaada Energy has unmatched quality standards and targets a portfolio of 11 GW of RE projects by 2025 and 30 GW by 2030.
Earlier Avaada Energy (*Welspun Energy) monetized the installed capacity of 1.2 GW with Tata Power Renewable Energy in a deal valued at US $ 1.4 bn in 2016.
Avaada Energy is now executing an integrated solar manufacturing plant with a facility to produce polysilicon, wafer, cells and modules with a cumulative capacity of 10 GW by 2030. The plant's first phase consisting of cells and modules will be operational in 2023 and will cater to the domestic as well as international markets. Avaada Group is getting future-ready and has diversified in Green Hydrogen / Ammonia, targeting a cumulative capacity of 4 MTPA per annum by 2030 to cater to domestic as well as foreign markets. The group is also geared up for a new segment of business involving the manufacturing of electrolyser, where it will pursue a manufacturing capacity of 1 GW per annum.
Avaada Energy known for its rich expertise in EPC makes it a leader when it comes to its track record for executing end-to-end solutions. Avaada's path-breaking technological solutions, capacity, quality, execution speed, and total cost of ownership attracted equity funding from marquee investors from across the globe. Avaada backed by global finance majors like Asian Development Bank (ADB), DEG (Germany), FMO (Netherlands) and Proparco (France) speaks of its impeccable track record and project execution capabilities. Subsequently, Avaada Energy got an equity participation of ~ USD $ 475 mn form globally renowned Fortune 500 oil and gas company PTT Group, Thailand in 2021.
About:
*Welspun Energy was established in 2010 with an installed capacity of 1.2 GW in 2016, being India's largest renewable energy company. In 2016, assets were monetized with sales to Tata Power (one of the largest conglomerates in India) in a deal valued at US $ 1.4 bn. The monetisation process followed the demerger of Welspun Energy, and the firm was rechristened Avaada Energy. Since its inception in 2017, Avaada Energy has grown significantly and today has a portfolio of 5 GW of operational and under construction capacities.