Avaada Group plans to invest Rs 50,000 crore in Madhya Pradesh over the next five years, with most projects expected to take shape in the next three to four years, Chairman Vineet Mittal shared in an exclusive interview with ANI.
Mittal noted that Avaada has been actively engaged 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 footprint by developing a range of renewable energy projects, including solar, wind, and pumped storage battery systems.
“Currently, we are looking at a Rs 50,000 crore investment in Madhya Pradesh over five years, with the majority of the projects expected to materialize within the next three to four years,” he said.
Mittal also highlighted that Avaada’s investment is supported by global investors like Thailand’s PTT Group and Brookfield. He added that 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).
Addressing India’s ambitious renewable energy goals, Mittal pointed to the country’s target of achieving 500 gigawatts of non-fossil fuel energy. He emphasized that while India’s solar power capacity has grown from 10 gigawatts to 30 gigawatts annually, the target is to ramp it up to 50 gigawatts per year in order 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 said.
He also highlighted India’s impressive progress in solar panel production, which has surged from less than 5 gigawatts to 60 gigawatts, underscoring the country’s rapid growth in the renewable energy sector.
Mittal also addressed India’s increasing power demand, which he attributed to the success of the Make in India initiative and the country’s growing economic prosperity. Despite the rising demand, he expressed confidence that India is on track to meet it by expanding renewable energy sources.
With advancements in solar, wind, and battery storage technology, Mittal is confident that India can provide round-the-clock green energy at competitive rates, even more affordable than thermal power.
