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Avaada power to invest 3500 crores in Andhra Pradesh

The Clean energy firm Avaada Power is going to invest 3500 crore in Andhra Pradesh, it released in a statement. The firm is investing to develop 500 MW utility-scale solar projects in Andhra Pradesh. 

The investment into the state is aimed at promoting government's mission of renewable energy. The company is making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors. 

The company is planning set up mega projects in solar and wind energy in a phased manner and the investment in Andhra Pradesh will generate enough clean energy to sustainably power over 2.40 million households across the state. 

Andhra Pradesh government has set a target to achieve 18,000 MW renewable energy capacities by the year 2021-22. The investment by Avaada Power is expected to generate more than 1,200 employment opportunities. 

A MoU has been signed between the company and the government in the direction of achieving the government's renewable energy objective of reducing around 8,32,200 tonnes of CO2 emissions annually. 

The Avaada Power has recently committed Rs 10,000 crore investments in Uttar Pradesh to develop 1,600 MW solar projects. 

"We have set a target of achieving 5,000 MW capacity in the next four years. We aim to invest Rs 25,000 crore and we have embarked on a journey towards generating sustainable energy not just in India but across Asian and African countries," company's Chairman Vineet Mittal said in a statement. 

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