Avaada Group has signed an MoU with REC to finance its energy transition projects in Odisha, India.
The partnership is focused on accelerating the transition to green energy and supporting India’s aspirations to establish itself as a prominent global hub for manufacturing green hydrogen and its derivatives.
With the increasing demand for sustainable energy, Odisha has initiated a range of efforts to attract investments into the energy sector with a focus on accelerated decarbonisation.
Vineet Mittal, Chairman of Avaada Group, said: “I am delighted to announce that we have signed the MoU with REC Ltd which will be our pivotal step in helping strengthen India’s commitment to achieving Net Zero by 2070.
“We thank the Government of Odisha for facilitating the comfort of renewable energy and green molecule business transactions and robust initiatives, making it an ideal destination for sustainable growth.
“Our commitment to this enterprise stems from the belief that embracing green energy is not only essential for our future but also a powerful catalyst for positive change in the world.
“This partnership will enable us to continue financing renewable energy projects in Odisha which shall not only contribute to the state’s sustainable development but also reinforce our renewable energy footprint in India and globally.”
Recently, Avaada clinched a funding round of $1.3bn, including a $1bn investment from the Brookfield Energy Transition Fund and a $300m investment from GPSC, part of the PTT Group of Thailand.
This funding is aimed at boosting its green hydrogen and derivatives business.