New Delhi: Avaada Group has signed a memorandum of understanding (MoU) with the government of Bihar to develop 1 gigawatt (GW) of renewable energy projects across the state.
Under the terms of the agreement, Avaada will invest ₹5,000 crore to build an aggregate 1 GW of capacity across various formats, including ground-mounted solar, floating solar, community solar plants, and battery storage projects. The state government will assist the company in securing required approvals and clearances from relevant state departments, according to a company statement.
The announcement follows the Bihar government’s launch of a new renewable energy policy earlier this month, aimed at attracting investments worth ₹1.5 trillion. The policy targets the development of nearly 24 GW of renewable energy capacity and 6 gigawatt-hours (GWh) of energy storage by the end of FY30.
It also introduces reforms to accelerate project approvals, reduce developer costs, and offer incentives for clean energy manufacturing and electric vehicle (EV) charging infrastructure. The planned energy mix includes solar, wind, hybrid systems, biomass, and waste-to-energy projects.
Vineet Mittal, chairman of Avaada Group, attributed the company’s investment plans to the state’s new policy, adding that it would help attract further investment in the renewable energy sector.
“Our partnership with the government of Bihar marks a significant step towards harnessing the state’s renewable energy potential through ground-mounted, floating, community solar plants, battery storage project etc. Beyond clean energy generation, this investment will create employment opportunities, attract allied industries, and foster sustainable socio-economic progress,” said Kishor Nair, chief executive officer of Avaada Energy, the renewable energy arm of the group.
According to the company, the planned projects are expected to generate direct employment for 500 people. Production is likely to begin within two years of executing power purchase agreements (PPAs) with Bihar state agencies and after the state government facilitates access to land or water bodies.
Avaada will also be eligible for incentives under the Bihar government’s applicable incentive framework and renewable energy policy, the statement said.
Avaada Group operates across several segments in the clean energy space, including renewable power generation, solar module and cell manufacturing, and green fuels such as green hydrogen. The company currently has 5 GW of operational green energy capacity and aims to expand its installed base to 11 GW by 2026 and 30 GW by 2030.
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