New -delhi: Avena Group has signed a memorandum of understanding (sleeve) with the Bihar government to develop 1 Gigawatt (GW) of renewable energy projects across the state. According to the agreement, Avaada will invest £ 5,000 crore to build a total 1 GW capacity in different formats, including soil-mounted solar, floating solar power, community solar plants and battery storage projects. According to a company statement, the state government will help the company obtain the necessary approvals and approval from relevant government departments. The announcement follows the Bihar government’s launch of a new renewable energy policy earlier this month, which aims to attract £ 1.5 billion investments. The policy is aimed at the development of almost 24 GW of renewable energy capacity and 6 gigawatt hours (GWH) energy storage by the end of FY30. It also introduces reforms to accelerate the approvals of the project, to lower the cost of developers and provide incentives for the production of clean energy and electric vehicles (EV). The planned energy mixture contains solar, wind, hybrid systems, biomass and waste-to-energy projects. Vineet Mittal, chairman of Avaada Group, attributed the company’s investment plans to the new state policy, adding that it will help attract further investment in the renewable energy sector. ‘Our partnership with the Bihar government is an important step towards the utilization of the state’s potential for renewable energy through soil-mounted, floating, community solar power plants, battery storage project, etc. Apart from generating clean energy, this investment will create jobs, attract allied industries and promote sustainable socio-economic progress, ‘says Kishor Nair, CEO of Avaada energy, the renewable energy arm of the group. According to the company, the planned projects are expected to generate direct employment for 500 people. The production is likely to be carried out with Bihar State Agencies within two years of the power purchase agreements (PPAs), and after the state government facilitates access to land or water bodies. Avaada will also be eligible for incentives under the Bihar government’s appropriate incentive framework and renewable energy policy, the statement says. Avaada Group works across different segments in the clean energy space, including renewable power generation, solar module and cell manufacturing, and green fuel such as green hydrogen. The company currently has 5 GW operational green energy capacity and is aimed at expanding its installed base by 2030 to 11 GW with 2026 and 30 GW.
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