Avaada's Rs 5000 cr Bihar Renewable Energy Project

New Delhi, Jul 30 (PTI) Renewable energy company Avaada Group on Wednesday said it has inked an initial pact with the Bihar government to invest Rs 5,000 crore to develop 1 GW of renewable energy projects across the state.

The state government would also facilitate the company in obtaining necessary approvals or clearances from the concerned departments, a statement said.

Under the memorandum of understanding, Avaada will invest Rs 5,000 crore for developing an aggregate 1 GW capacity of renewable energy projects encompassing ground-mounted, floating solar, community solar plants and battery storage projects, among others.

The MoU was signed between the Bihar Renewable Energy Development Agency and Avaada Energy Pvt Ltd, in the presence of Bihar Minister of Energy Bijendra Prasad Yadav and Minister of Industries of Bihar Nitish Mishra, on the occasion of the launch of the new policy on RE projects and PSP projects.

"Our partnership with the Government of Bihar marks a significant step towards harnessing the state's renewable energy potential... Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress," Kishor Nair, Chief Executive Officer of Avaada Energy, said.

These projects are expected to provide direct employment to 500 people, with production likely to commence within 2 years after the PPAs are executed with the state agencies and facilitation of land/water bodies by the Bihar government.

Besides, Avaada will be entitled to get incentives as per the state government's applicable incentive rules and policy.