Avaada Group to Invest Rs 5,000 Crore in Bihar's Renewable Energy Sector
Avaada Group is set to invest Rs 5,000 crore in Bihar to develop 1 GW of renewable energy projects. The pact with the Bihar government includes facilitating approvals. The initiative aims to generate employment, attract industries, and promote sustainable development in the region.
- Country:
- India
Avaada Group has announced plans to invest Rs 5,000 crore in the renewable energy sector in Bihar. This investment will facilitate the development of 1 GW of renewable energy projects, encompassing ground-mounted and floating solar plants, community solar initiatives, and battery storage solutions.
The agreement, formalized between the Bihar Renewable Energy Development Agency and Avaada Energy Pvt Ltd, was witnessed by Bihar's Energy Minister, Bijendra Prasad Yadav, and Industries Minister, Nitish Mishra. This collaboration underscores a new policy aimed at bolstering renewable energy projects in the state.
Avaada CEO Kishor Nair stated that the partnership not only advances clean energy generation but also promises to create jobs, attract associated industries, and drive sustainable socio-economic progress in Bihar. The projects are anticipated to begin production within two years, providing direct employment for 500 individuals.
(With inputs from agencies.)
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