Avaada Invests £5,000 Crore in Bihar Renewable Energy

Avaada Group has signed an agreement with the Bihar government to invest £5,000 crore in developing 1 GW of renewable energy projects, aiming to boost clean energy and create jobs in the state.

The memorandum of understanding, finalised in the presence of Bihar’s energy and industries ministers, covers ground-mounted, floating solar, community solar, and battery storage projects. The initiative is expected to generate 500 direct jobs and support Bihar’s renewable energy goals. The state government will assist by providing access to land, water, and necessary approvals. Project execution will begin after power purchase agreements are signed, with production expected to start within two years.

Bihar’s new renewable energy and pumped storage policy supports this investment, aiming to attract more projects to the state. The projects will enhance Bihar’s renewable energy capacity, contributing to India’s clean energy targets. The inclusion of floating solar and battery storage systems reflects innovative approaches to maximising land use and ensuring energy reliability. The initiative is also expected to attract allied industries, fostering economic growth in the region.

The investment aligns with India’s broader push for renewable energy, with non-fossil fuel sources now accounting for over 50% of the country’s 484.82 GW installed electricity capacity. Avaada’s projects will help reduce dependence on fossil fuels and support sustainable socio-economic development in Bihar. The state’s proactive policies and infrastructure support make it an attractive destination for renewable energy investments.

In conclusion, Avaada Group’s £5,000 crore investment in Bihar’s renewable energy sector marks a significant step towards clean energy development. The projects promise economic and environmental benefits, supporting India’s sustainability goals and setting a model for regional energy transitions.

Source: Outlook Business