State-owned power finance company Rural Electrification Corp. (REC) signed a memorandum of understanding with renewable energy provider Avaada to support Avaada’s energy transition ventures with an investment of Rs 20,000 crore.
The MoU was signed on the sidelines of the 4th meeting of the G20 Energy Transition Working Group (ETWG) in Goa.
Avaada will utilize the REC investment to spearhead its renewable energy projects across India in the next few years. These ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects.
“The substantial endorsement from REC underscores Avaada’s unwavering dedication to a greener and more sustainable future for India,” the company said in a press statement.
Avaada Group is an integrated energy company in India that through its renewable subsidiary, Avaada Energy, manages a myriad of large-scale renewable projects across the nation. The group has also forayed into the green hydrogen/ammonia sector to serve both the domestic and international markets.
Recently, Avaada closed a funding round of $1.3 billion, inclusive of a $1 billion investment from the Canadian asset management fund, Brookfield. This funding is aimed at boosting its green hydrogen and derivative business, with Thailand’s GPSC, part of the PTT Group , also contributing $300 million.
