India’s Avaada Power has signed a Memorandum of Understanding with the Government of Uttar Pradesh to invest $1.55 billion in the state for developing 1,600 MW Solar Projects. The projects will be developed across Mirzapur, Badun, Gorakhpur and Bundelkhand districts.
The investment is expected to create close to 3,700 employment opportunities. Some of the funds will be invested in projects for under-developed and developing regions, thereby offering employment opportunities to the communities located there.
The company’s commitment is in line with Uttar Pradesh’s annual target of 2,000 MW production capacity of solar energy. The MoU was signed as part of ‘UP Investors Summit 2018’, in the presence of Honorable Chief Minister of Uttar Pradesh Shri Yogi Adityanath.
Uttar Pradesh currently has an installed capacity of 569.35 MW solar energy and has the potential to touch a high generation figure of 22.8 GW.
Energy generated through these projects is anticipated to be enough to power nearly 7.44 million households in Uttar Pradesh.
Commenting on the investment, Vineet Mittal, Chairman, Avaada Group, said, “We are geared up to support Uttar Pradesh’s mission of utilizing the potential of the sun to power its development needs sustainably. The company is committed to provide affordable, clean and abundant power for the country and will continue to focus on innovative green technologies.”
Avaada Power Pvt. Ltd, is a renewable energy company founded by Mittal, a co-founder of Welspun Renewable Energy Pvt. Ltd. In 2016, Welspun, co-founded by Mittal and B.K. Goenka, sold its renewable energy business to Tata Power.