Avaada to invest ₹5,000 crore in renewable projects across Bihar

Avaada Group has signed a Memorandum of Understanding (MoU) with the Bihar Government to develop 1 GW of renewable energy projects across the state. The MoU outlines Avaada’s investment of INR 5,000 crore for the development of ground-mounted and floating solar, community solar plants and battery storage projects.

Avaada Group has signed a Memorandum of Understanding (MoU) with the Government of Bihar for developing 1 GW of renewable energy projects across the state.

As per the signed MoU, Avaada will invest INR 5,000 crore for developing an aggregate 1 GW capacity of renewable energy projects encompassing ground-mounted and floating solar, community solar plants, battery storage projects, etc. The state government would also facilitate the company in obtaining necessary approvals or clearances, etc., from the concerned departments of the state.

The MoU was signed between the Bihar Renewable Energy Development Agency and Kishor Nair, Chief Executive Officer, Avaada Energy Private Ltd., in the presence of Minister of Energy Shri Bijendra Prasad Yadav and Minister of Industries Nitish Mishra on the occasion of the launch of the New Policy on RE projects and PSP projects. Vineet Mittal, Chairman, Avaada Group, complimented the Bihar Govt. and Energy Department in bringing such a policy, which is amongst the best RE policies and will attract more investment in the RE sector in the state.

Kishor Nair, Chief Executive Officer, Avaada Energy, said, “At Avaada, we are committed to accelerating India’s energy transition while contributing to regional growth and development. Our partnership with the Government of Bihar marks a significant step towards harnessing the state’s renewable energy potential through ground-mounted, floating, community solar plants, battery storage projects, etc. Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress. We are proud to support Bihar’s vision for a greener, more prosperous future.”

These projects are expected to provide direct employment to 500 people, with production likely tocommence within 2 years after the PPAs are executed with Bihar state agencies and facilitation of land/water bodies by the Government of Bihar. Besides, Avaada will also be entitled to get incentives as per the state government’s applicable incentive rules and policy.