Avaada Group has signed a memorandum of understanding (MoU) with the Government of Bihar to establish 1 gigawatt (GW) of renewable energy capacity across the state.

The company will invest Rs 50 billion to develop projects across various formats, including ground-mounted solar, floating solar, community solar plants, and battery energy storage systems. The state government will support Avaada in securing the necessary approvals and clearances from relevant departments.

The announcement aligns with Bihar’s recently unveiled renewable energy policy, which aims to attract investments worth Rs 1.5 trillion. The policy targets the development of 24 GW of renewable capacity and 6 gigawatt-hours (GWh) of energy storage by FY2030.

Key reforms under the policy include streamlined project approvals, cost reductions for developers, and incentives for clean energy manufacturing and EV charging infrastructure. The policy covers solar, wind, hybrid systems, biomass, and waste-to-energy segments.

Commenting on the development, Vineet Mittal, Chairman of Avaada Group, credited the state’s progressive policy for driving the company’s investment plans. Kishor Nair, CEO of Avaada Energy, added, “Our partnership with the Government of Bihar marks a significant step towards harnessing the state’s renewable energy potential. Beyond clean energy generation, this investment will create employment, attract allied industries, and support sustainable socio-economic development.”

According to the company, the planned projects are expected to generate direct employment for around 500 individuals. Commercial operations are likely to commence within two years of signing power purchase agreements (PPAs) with state agencies and after the allocation of suitable land or water bodies.

Avaada will be eligible for incentives under Bihar’s renewable energy policy and applicable frameworks. The group currently operates 5 GW of green energy capacity and aims to expand to 11 GW by 2026 and 30 GW by 2030. Its portfolio spans renewable power generation, solar module and cell manufacturing, and green fuels such as green hydrogen.

News source: Live Mint