Avaada Commits INR 1 Lakh Crore RE Investment at Rising Rajasthan 2024 Summit
Avaada Group has announced an investment of INR 1 lakh crore in Rajasthan’s renewable energy sector, positioning the state as a global hub for green energy and zero-carbon manufacturing, during the Rising Rajasthan 2024 Summit.
December 09, 2024. By Mrinmoy Dey
The event was attended by Prime Minister Narendra Modi, and Rajasthan’s Chief Minister Bhajanlal Sharma, where Avaada Group Chairman Vineet Mittal, was the Guest of Honour.
Speaking at the summit, Mittal emphasized Rajasthan’s leadership in renewable energy and credited the visionary leadership of the Prime Minister and Chief Minister for creating an enabling environment.
“Rajasthan’s sands, touched by the Sun God, are now fuelling India’s green revolution. Thanks to the inspirational leadership of the Hon’ble Prime Minister and Chief Minister, Avaada is committed to investing INR 1 lakh crore in transforming this state into the world’s largest renewable energy hub. This investment will not only drive green manufacturing but also create millions of jobs, empowering lives across Rajasthan. Together, we will achieve our shared vision of a sustainable and prosperous future,” Mittal remarked.
Avaada Group’s journey in Rajasthan began with its first 150 MW solar project and scaled up to the world’s largest 10 GW energy project. The company’s landmark 1,250 MW solar project in Bikaner in 2022 cemented its leadership in renewable energy.
The collaborative efforts of the Central and State governments have created an enabling environment, propelling the state toward its ambitious target of doubling its economy to USD 350 billion by 2030. Mittal credited the leadership of the Prime Minister and Chief Minister for turning Rajasthan into the world’s largest renewable energy hub.
Avaada’s key projects in the state include a 1,200 MW Pumped Storage Project (PSP) with an investment of about INR 5,800 crore, green ammonia projects and wind and solar projects spanning Jhalawar, Kota, Barmer, and Bikaner.
Rajasthan’s strengths in renewable energy are unparalleled, with the state leading India in installed solar capacity (24.2 GW as of October 2024) and a renewable energy potential to power all of India. Pro-investment policies like the Rajasthan Investment Promotion Scheme 2024 and the Rajasthan Integrated Clean Energy Policy 2024 have attracted investments of INR 6.5 lakh crore, with the aim to achieve 125 GW of renewable energy capacity by 2030.
Rajasthan has the potential to become a global hub for zero-carbon manufacturing, leveraging its renewable energy resources to align with global sustainability frameworks like the Carbon Border Adjustment Mechanism (CBAM). With strategic initiatives such as Green Free Trade Zones, the state could attract industries, create over 10 lakh jobs, and position itself as a model for green industrial growth.
Mittal suggested strengthening state transmission systems and fast-track land allotment and developing green manufacturing zones to support large-scale industrial projects to accelerate Rajasthan’s green growth. He further advocated for small-scale solar installations along highways to power EV charging stations and reduce RPO costs for industries. Additionally, he called for competitive tenders to ensure affordable power supply and boost hybrid power projects for reliable RTC power.
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