Avaada Signs INR 20,700 Crore MoU with Government of Odisha at 'Make in Odisha Conclave 2025'

Avaada Group has reaffirmed its commitment to sustainable growth by signing a INR 20,700 crore Memorandum of Understanding (MoU) with the Government of Odisha in the presence of Chief Minister Mohan Charan Majhi at the Make in Odisha Conclave 2025.

The event, inaugurated by  Prime Minister Narendra Modi, highlights Odisha’s ambition to become a leading green energy hub in India.

The Make in Odisha Conclave, the state’s flagship investment summit, is a platform for global investors, policymakers, and industry leaders to explore opportunities in Odisha’s dynamic economic landscape. Avaada Group is showcasing its innovative renewable energy portfolio, which spans solar, wind and green hydrogen during the conclave. 

Avaada has committed to a substantial investment of INR 20,700 crore under a new MoU, which includes the development of 1,500 MW of floating solar projects, the establishment of two 1,000 MW Pumped Storage Projects (PSP), and the setup of green energy equipment manufacturing units. This strategic investment aims to significantly enhance renewable energy infrastructure and contribute to sustainable energy solutions.

This investment aligns with Odisha’s vision of driving industrial growth while leveraging its abundant natural resources for a sustainable future.

Speaking at the event, Vineet Mittal, Chairman of Avaada Group, said: "Odisha is poised to lead India’s renewable energy revolution. The state’s rich resources and visionary leadership create unparalleled opportunities for green industrialization. Our INR 20,700 crore investment in renewable energy projects, including floating solar and pumped storage demonstrates our commitment to sustainability and innovation. We are proud to partner with the Government of Odisha to build a greener, stronger future for the region.”

Mittal highlighted that these initiatives align with India’s target of achieving 500 GW of renewable energy capacity by 2030, as well as Odisha’s strategy to position itself as a global investment destination. With its strong fiscal health, as reported in NITI Aayog’s Fiscal Health Index 2025, Odisha is well-positioned to attract investments that drive sustainable development.

The Make in Odisha Conclave 2025 reflects the state’s dedication to industrial transformation and green growth. Aligning with India’s vision of a ‘Viksit Bharat’ by 2047, Odisha aims to become a ‘Viksit Odisha’ by 2036, with renewable energy playing a critical role in this journey. Avaada’s partnership with Odisha will accelerate this vision while contributing to India’s clean energy market, projected to unlock a trillion-dollar opportunity by 2030.