Avaada Group plans to invest Rs 50,000 crore in Madhya Pradesh over the next five years, with the majority of projects expected to materialize within the next three to four years, Chairman Vineet Mittal revealed in an exclusive interview with ANI.
Mittal shared that Avaada has been actively involved in the state’s green energy sector since 2010, starting with the establishment of Madhya Pradesh’s first large-scale solar power plant, which has a capacity of 151 megawatts. Over the years, the company has expanded its presence with various renewable energy projects, including solar, wind, and pumped storage battery systems.
“Currently, we are planning an investment of Rs 50,000 crore in Madhya Pradesh over the next five years, with the majority of projects expected to take shape in the next three to four years,” Mittal stated.
He also emphasized that Avaada’s investment is backed by global investors, including Thailand’s PTT Group and Brookfield. The company has already secured the necessary capital for its ongoing projects in the state, many of which are part of national tenders organized by the Solar Energy Corporation of India (SECI).
Regarding India’s ambitious renewable energy goals, Mittal highlighted the country’s target of achieving 500 gigawatts of non-fossil fuel energy. He noted that while India’s solar power capacity has increased from 10 gigawatts to 30 gigawatts annually, the target is to scale it up to 50 gigawatts per year to meet the 500-gigawatt goal.
“India envisions 500 gigawatts of non-fossil fuel energy. We’ve moved from 10 gigawatts annually to 30. To reach 500 gigawatts, we need to push it to 50 gigawatts,” Mittal explained.
Mittal also pointed out India’s rapid growth in solar panel production, which has risen from less than 5 gigawatts to 60 gigawatts, showcasing the country’s impressive strides in the renewable energy sector.
Addressing India’s growing power demand, which he attributed to the success of the Make in India initiative and the country’s expanding economic prosperity, Mittal expressed confidence that India is on track to meet this demand by expanding renewable energy sources.
With advancements in solar, wind, and battery storage technologies, Mittal is optimistic that India can provide round-the-clock green energy at competitive rates, even more affordable than thermal power.