Avaada Energy
TypePrivate limited company
IndustryGreen Energy
Founded2017
FounderVineet Mittal
HeadquartersMumbai, India
Key people
Sindoor Mittal, Vineet Mittal
Number of employees
500-1000
Websiteavaada.com

Avaada Energy is a green energy developer headquartered in Mumbai, India.[1][2] It works on solar energy projects, including distributed solar energy production with business interests in Solar Module Manufacturing, Electrolyser manufacturing and Green Ammonia production.[3] It is an integrated energy group with business interests in Solar Module Manufacturing, Electrolyser manufacturing and Green Ammonia production. Avaada has been backed by global finance majors like Asian Development Bank (ADB, Asia), DEG (Germany), FMO (Netherlands) and Proparco (France). In mid-2021, PTT Group of Thailand became a strategic investor in Avaada.[4]

Background

Avaada Energy was established in 2017 as a green energy company operating in India. It has commissioned renewable energy projects in 11 Indian states.[5][6]

Avaada Group is now executing an integrated solar manufacturing plant with a facility to produce polysilicon, wafer, cells, and modules. The plant's first phase consisting of cells and modules will be operational in 2023 and will cater to domestic and international markets.  Avaada Group is getting future-ready and has diversified in Green Hydrogen / Ammonia to cater domestic and foreign markets. The group entered a new segment of business involving electrolyser manufacturing, where it will pursue a manufacturing capacity of 1 GW per annum.[3][7]

In August 2022, Avaada signed a Memorandum of Understanding (MoU) with the Department of Industries and Commerce, Government of Rajasthan, India to set up a green ammonia facility and a renewable energy power plant in Kota, Rajasthan. According to the official press release, the MoU proposes an investment of Rs 40,000 crore while also providing direct employment opportunities to about 3,500 people and indirect jobs to over 10,500 people.[3]

Avaada Group has also established an off-grid project in Jayapur, Gurajat has enabled the village to be India's first village to be adopted by the Indian Prime Minister, Narendra Modi[8]

People

  • Vineet Mittal: Chairman[9]
  • Sindoor Mittal: Vice Chairperson[9]
  • Kishor Nair: Chief Operating Officer[9]

Equity partners

Avaada Energy has an equity partner, the PTT Group from Thailand.[10] Before that, the organization was backed by different investors, including Asian Development Bank (ADB), DEG, FMO & Proparco.[6][4][11]

Green Bonds

In 2022 Avaada raised green bonds for $192 million in the Indian capital market at 6.75% making it India's largest AAA-rated Green Bond by any renewable energy developer.[12][13]

Products and services

Avaada provides Engineering, Procurement & Construction (EPC) services.[14][15] It holds expertise in Open Access Solar Projects, Utility Solar Projects, Rooftop Solar Projects, Integrated Solar Panel Manufacturing, Green Hydrogen production and Electrolyser Manufacturing.

Avaada Foundation

The Avaada Foundation, the philanthropic arm of the Avaada Group of companies, is engaged in social welfare activities, with a significant focus on child education, medical facilities in rural areas, skill development, women empowerment, and so on. It has also spearheaded various projects in initiatives ranging from the distribution of essential supplies to marginalised communities during COVID-19 to setting up COVID Care Centers.[16] The initiatives of the Avaada Foundation and their impact have also been the subject of a case study featured in the book Performance Management: Happiness and Keeping Pace with Technology.[17]

Avaada Foundation inaugurated the COVID Care Center with a capacity of 30 beds in Kolayat, Bikaner, in May 2021.

See also

References

  1. ↑ Bhaskar, Utpal (9 April 2019). "Avaada Energy raises ₹1,000 crore from ADB, Germany's DEG and Netherlands' FMO". Livemint. Retrieved 30 June 2022.
  2. ↑ "Green Energy & Renewable Energy Company in India". Avaada Energy. Retrieved 2 July 2022.
  3. 1 2 3 "Avaada Group signs MoU for Rs 40,000-cr green ammonia plant with Rajasthan". The Economic Times. Retrieved 25 August 2022.
  4. 1 2 "Thailand's oil major PTT Group buys stake in Avaada Energy". The Live Mint. Retrieved 14 July 2022.
  5. ↑ "Exclusive | Vineet Mittal-backed Avaada Energy eyeing up to $250m fund-raise". Moneycontrol. Retrieved 30 June 2022.
  6. 1 2 "ABD to Invest 50 Billion in Solar Power Project Developer Avaada". The Economic Times.
  7. ↑ "An integrated green molecular company. Avada Group". Archived from the original on 13 October 2022. Retrieved 13 October 2022.
  8. ↑ "Jayapur: A look at PM Narendra Modi's first adopted village". Money Control.
  9. 1 2 3 LeadershipOfficial website Archived 10 October 2022 at the Wayback Machine
  10. ↑ "Thai PTT power unit invests $453 mln in India's Avaada Energy". Reuters. 14 July 2021. Retrieved 2 July 2022.
  11. ↑ "Environmental and Social Monitoring Report" (PDF). adb.org. August 2020. Retrieved 8 April 2023.
  12. ↑ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 2 July 2022.
  13. ↑ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 30 June 2022.
  14. ↑ "Avaada Energy to set up 350 MW solar plant in Maharashtra - ET EnergyWorld". ETEnergyworld.com. Retrieved 30 June 2022.
  15. ↑ S 10077, Our Bureau & Ronendra Singh (10 March 2022). "Airtel acquires 9 per cent stake in Avaada Clean for ₹7.8 crore". The Hindu. Retrieved 30 June 2022.{{cite news}}: CS1 maint: numeric names: authors list (link)
  16. ↑ "Avada Foundation inaugurated Covid Care Center" (PDF). avaadafoundation.com. August 2020.
  17. ↑ Arora, Madhu; Khurana, Poonam; Choiden, Sonam (5 October 2020). Performance Management: Happiness and Keeping Pace with Technology. CRC Press. ISBN 9781000175110.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.