Avaada Group, a major player in renewable energy, has committed to investing $12 billion in Rajasthan, India, to boost the shift to green energy. This initiative aims to position the state as a global hub for renewable energy. The announcement was made at the Rising Rajasthan 2024 Summit, an event graced by India’s Prime Minister Narendra Modi and Rajasthan’s Chief Minister Bhajanlal Sharma. Rajasthan has emerged as a global leader in renewable energy, boasting over 142 GW of solar potential and more than 325 sunny days each year. Pro-business initiatives like the Rajasthan Investment Promotion Scheme 2024 and the Integrated Clean Energy Policy 2024 have driven investments totaling $78 billion.
Vineet Mittal, Avaada Group’s Chairman & Guest of Honour at the event, stated, “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape. Avaada’s commitment of $12bn while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”
Mr. Mittal added, “As a global renewable energy leader, Avaada is proud to participate in Rajasthan’s vision of becoming a green hub of industrial growth. Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”
Avaada Group began its journey in Rajasthan with a 150 MW solar project and has since grown to establish one of the world’s largest single-location renewable energy projects by an independent power producer (IPP). At the Rising Rajasthan 2024 Summit, the company announced several major investments, including a $700 million 1,200 MW Pumped Storage Project (PSP) to enhance energy storage and grid stability, green hydrogen and ammonia projects aimed at supporting global decarbonization goals, and utility-scale solar and wind projects in Jhalawar, Kota, Barmer, and Bikaner to contribute to India’s renewable energy targets.
With its alignment to international sustainability frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM), Rajasthan is emerging as a hub for zero-carbon manufacturing and green industrial growth, attracting industries focused on sustainability and creating over 1 million green jobs. Through its strategic initiatives, Avaada Group is positioned to foster international collaborations, establishing itself as a leader in renewable energy innovation and sustainable industrial development.
