Avaada Group to Invest Rs 1 Lakh Cr in Rajasthan Renewable Energy

New Delhi, Oct 1 (PTI) Avaada Group on Tuesday announced plans to invest Rs 1 lakh crore in Rajasthan in the renewable energy industry.

The planned investment will fund major green energy initiatives, including a 1.2 GW-pumped hydro storage project, a 1 MTPA-green ammonia project, a 1 GW-wind power project, and a 10 GW-solar power project, the company said in a statement.

These projects will come up across Jhalawar, Kota, Barmer, and Bikaner.

These are expected to generate massive employment opportunities, promote green manufacturing, and significantly boost Rajasthan's contribution to India's renewable energy targets, Avaada Group said.

Vineet Mittal, Chairman of Avaada Group, said, "With its vast renewable potential, Rajasthan is set to become a green energy hub and a major contributor to India's sustainable future. We would like to extend our heartfelt thanks to the government for their unwavering support and commitment to renewable energy development."

Avaada Energy, its renewable power generation arm, aims to reach an installed capacity of 11 GWp by 2026.