Avaada to Invest Rs 5,000 Cr in Bihar Renewable Energy

Kolkata, Jul 30 (PTI) Avaada Group on Wednesday said it has signed an agreement with the Bihar government to develop 1-gw renewable energy capacity in the state at an investment of Rs 5,000 crore.

The company said it will install ground-mounted, floating and community solar plants, as well as battery energy storage systems.

It is expected to create 500 direct jobs, a statement said.

The agreement was signed between Bihar Renewable Energy Development Agency and Avaada Energy CEO Kishor Nair in the presence of state Energy Minister Bijendra Prasad Yadav and Industries Minister Nitish Mishra.

Production is expected to begin within two years after power purchase agreements (PPAs) are executed and land or water bodies are allotted by the state government, the statement said.