Avaada Group is looking to raise $1 billion (over Rs 8,400 crore) in debt by March next year to fund its projects. “We will raise this debt to fund wind, solar and other projects. We have already raised equity,” chairman Vineet Mittal told FE.
The group has an operational capacity of over 4 gigawatt (GW) and aims to have an installed base of 11 GW by 2026 and 30 GW by 2030. “We could do it (30 GW capacity) earlier if transmission lines come up,” Mittal said.
The portfolio includes 5 gigawatt-hours of battery storage and 10 GWh of long-duration pumped hydel storage.
Last year, Avaada Group raised $1.3 billion from Canadian investor Brookfield and Global Power Synergy (GPSC) to fund its green hydrogen and green ammonia ventures in the country.
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The group is setting up a 5 GW solar manufacturing facility in Nagpur where silicon will be converted into ingot, which will then be converted into wafer and solar panels. The group is investing Rs 13,560 crore in the plant, which will be operational next year, Mittal said.
The group has an operational 1.5 GW solar plant in Noida.
Tata Power has also set up a 4 GW solar cell and module plant in Tirunelveli in Tamil Nadu, which started operations last year.
Avaada Group is also looking at developing several pumped storage projects (PSPs) over a period of time, Mittal said, adding that the group is actively looking at Rajasthan and Odisha for setting up PSPs. In August, the company had said it has inked an agreement with the Maharashtra government to develop two PSPs with a combined capacity of 2,750 MW, entailing an investment of Rs 14,000 crore. The two projects include the 1,500 MW Pawana Falyan PSP in the Pune and Raigad districts and the 1,250 MW Kumbhavade PSP in the Kolhapur and Ratnagiri districts.
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Avaada is also developing green ammonia and green hydrogen projects in Gopalpur in Odisha. It has secured $1.8 billion from REC for this hydrogen ammonia production facility in the Gopalpur Industrial Park.
“Basically,
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