Avaada Energy Partners with Al Jomaih Energy and Water (AEW) for Renewable Power Advancements in the Middle East

Avaada Energy and Al Jomaih Energy and Water (AEW) signing MoU

Avaada Energy, the renewable arm of Avaada Group, a global pioneer in the renewable energy landscape, is elated to announce its strategic partnership with Al Jomaih Energy and Water (AEW) to pioneer renewable power generation in the Kingdom of Saudi Arabia and selected Middle Eastern regions. This significant stride is marked by the signing of a Memorandum of Understanding (MoU) between the two esteemed entities.

The alliance is set to explore the vast potential of Solar, Wind, Hybrid, and Battery Energy Storage solutions. "Joining forces with AEW underscores our dedication to bringing sustainable energy innovations to the Middle East," expressed Mr. Vineet Mittal, Chairman of Avaada Group.

The MoU paves the way for a collaborative approach, with a dedicated committee from both AEW and Avaada overseeing potential projects. AEW, with its deep-rooted local expertise, will interface with stakeholders and provide essential resources. In contrast, Avaada will infuse the partnership with its extensive development experience and technical acumen.

The collaboration extends to Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) services. Avaada is poised to present its competitive EPC solutions and qualifications for collaborative O&M setups in Saudi Arabia.

About Avaada

The Avaada Group, steered by visionary Vineet Mittal, is an integrated green energy platform with expertise across solar manufacturing, production of green hydrogen & its derivatives, green fuels, renewable power generation and electrolyser manufacturing. Avaada Energy, its flagship entity, is India's rapidly evolving renewable energy IPP, targeting 11 GW of projects by 2026 and an ambitious 30 GW by 2030. Avaada recently secured a significant funding round of $1.3 billion, including investments from Brookfield and GPSC, to amplify its green hydrogen ventures.

Avaada Energy Wins 280 MWp in SECI's ISTS-connected Solar Projects Auction

The company will supply Solar power at a tariff of INR 2.61 (~$0.032)/kwh, the highest tariff among other winners of the auction

Avaada Energy, the renewable energy arm of Avaada Group – India's leading integrated energy transition group, has won the 280 MWp (Mega Watt peak) project under tariff based competitive bidding carried out by SECI as a part of SECI’s 2 GW ISTS-connected Solar Projects (Tranche XI). Bidding allows flexibility to Avaada Energy to set up the Solar Power project anywhere in India and supply green electricity on long-term at a tariff of ₹2.61 (~$0.032)/kWh. Project will become operational within 18 months from the signing of Power Purchase Agreement

This triumph follows an impressive track record in the last few months, wherein Avaada Energy won in multiple bids, securing capacities from GUVNL – 400 MW, DVC – 421 MW, RVPN – 280 MW.

Speaking on this win, Kishor Nair, CEO of Avaada Energy, said “This is yet another jewel in our crown as we broaden and intensify our footprint in India. Our commitment to making substantial contributions to India's renewable energy sector remains unflinching. I am convinced that such audacious initiatives, born from collaborations with the government, will shepherd India towards a more environmentally conscious future. We perceive these strides as victories in our pursuit of a sustainable future"

About Avaada

The Avaada Group, led by social entrepreneur Vineet Mittal, is an integrated energy platform with varied business interests. It ranges from manufacturing solar ingot, wafer, cells, modules, and electrolysers to renewable power generation, green hydrogen, green methanol and green ammonia production. Avaada Energy, the group's flagship company, is India's fastest-growing renewable energy IPP. The group plans to reach 11 GW of operational projects by 2026 and 30 GW by 2030.

The Avaada Group's solar manufacturing business is close to establishing a wafer, cell, and module manufacturing facility. Additionally, the group is executing Green Ammonia projects across various regions and planning a substantial capacity addition to cater to the increasing domestic and international demand for clean fuel. Recently, Avaada clinched a monumental funding round of $1.3 billion, inclusive of a $1 billion investment from the Canadian asset management fund, Brookfield and $ 300 million investment from GPSC, part of the PTT Group of Thailand. This funding is aimed at boosting its green hydrogen and derivative business.

Avaada Energy Bags 200 MW (DC) Solar Project From GUVNL

AVAADA ENERGY BAGS 200 MW (DC) SOLAR PROJECT FROM GUVNL

Avaada has won the 200 MW (DC) for supplying solar power to Gujarat Urja Vikas Nigam Limited - for the offered tariff of Rs. 2.75 per kWh

Avaada Energy, an arm of Avaada Group – India's leading integrated energy enterprise with business interests across the energy transition value chain, has secured yet another win in the renewable energy sector. The company has been awarded a 200 MW (DC) solar power project from Gujarat Urja Vikas Nigam Ltd. (GUVNL) at a record-low tariff of Rs. 2.75 (~$0.033) per kWh.

The project was awarded through competitive bidding, followed by an e-Reverse auction held by GUVNL. As per bid terms, PPA will be signed between two entities for 25 years, and the project will be commissioned within 18 months. The plant will produce 370 million units of electricity per year, leading to a reduction of approx. 3,44,470 tons of CO2 equivalent emissions annually. This solar project has the potential to provide green energy to power ~2.5 Lacs households.

Speaking on this development, Kishore Nair, CEO of Avaada Energy, said “This achievement is a testament to our commitment to advancing PM Modi's vision of a sustainable India, wherein the country achieves net-zero emissions and fosters environmental sustainability. Our team is fully committed to supporting this vision by actively contributing to India's renewable energy (RE) sector, and we remain steadfast in our efforts to help India become a leader in solar energy and promote the shift towards a more sustainable planet."

About Avaada

Avaada Energy is the flagship company of the Avaada Group and is one of India's fastest-growing renewable energy companies. Avaada Group is India's integrated energy enterprise with business interests ranging from manufacturing solar modules and electrolyzers to renewable power generation, green hydrogen, and green ammonia production. The renewable energy arm has consistently been a top performer in the Indian RE space and has commissioned some of India's largest renewable energy projects.

In 2021, GPSC, a subsidiary of PTT Group, a leading Thailand-based conglomerate, invested in Avaada Energy and is a strategic investor.

Avaada Group Appoints Kishor Nair as CEO for its Renewable Arm Avaada Energy

Avaada Group, India's leading integrated energy group with business interests across the energy transition value chain, has appointed Kishor Nair as Chief Executive Officer for its renewable arm Avaada Energy. Kishor has been with group since its inception and has risen through the ranks. He has been serving the firm as its Chief Operating Officer since 2017.

Kishor Nair

Kishor Nair is a pioneer in the energy industry with diverse experience developing and implementing numerous complex projects. He has over 36 years of global experience delivering large infrastructure projects with leading infrastructure and power space companies. He has extensive experience in business development, project management and strategic business planning for national and international projects in the energy sector. He has been instrumental in developing Avaada Energy into the country's market leader for renewable energy projects.

He is a truly inspirational leader who has brought about a profound change in the organisation and realised the full potential of Avaada Energy by creating a sustainable business with value for all its stakeholders. His employee philosophy includes fostering an inclusive and unified culture of productivity and collaboration. He believes in fostering a sense of belonging and ownership within the organisation. "Given his vast experience, we are confident that we will reach new heights under his dynamic and energetic leadership," says Vineet Mittal, Chairman of Avaada Group. 

Mr Nair has worked closely with industry associations and chambers to advocate policies and raise industry concerns with various state governments and the central government for the renewable energy sector. He has participated in many international business delegations and spoken at national and international events. He is currently the co-chair of the Assocham Renewable Energy Council.

On his appointment as CEO, Mr Kishor Nair said, ''I thank the Board and our founder for the confidence and trust reposed in me. With the support of my dynamic team, I am confident of meeting the expectations of the leadership and the Company. I also take this opportunity to thank my team, who have helped the Company reach new heights and are now ready to conquer a new mission".

About Avaada

Avaada Group is an integrated energy platform with business interests ranging from manufacturing solar modules and electrolysers to renewable power generation, green hydrogen, and green ammonia production. Since its inception, Avaada has advocated and implemented multiple cutting-edge solutions to reduce GHG emissions.

Avaada Energy is the flagship company of the Avaada Group and is one of India's fastest-growing renewable energy companies. The renewable energy arm has consistently been a top performer in the Indian RE space and has commissioned some of India's largest renewable energy projects.

Avaada's path-breaking technological solutions, capacity, quality, execution speed, and total cost of ownership attracted equity funding from marquee investors from across the globe, such as 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. PTT is a renowned business conglomerate with a presence across the entire value chain of the Oil and Gas business. PTT has market cap exceeding US $ 70 Billion and figures prominently in Forbes's Fortune 500 list of most valuable companies.

Clean Energy Startup Avaada Raises $144 Mn from Asian Development Bank, Others

Delhi-based Avaada Energy Pvt Ltd, a clean & renewable energy startup, has raised $143.7 million/ ₹1,000 crore funding for financing its 2.4 GW renewable energy portfolio from multi-lateral agencies including Asian Development Bank, Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch development bank Netherlands Development Finance Company (FMO).

The capital raised is meant for financing 2.4 GW capacities out of the targeted 5 GW by the company, which will facilitate Avaada's leadership role in India's transition to clean energy and contribution in achieving India's vision of 100 GW of solar energy by 2022, the release said.

Avvada was founded in 2009 by serial entrepreneur Vineet Mittal, who had sold his previous venture, Welspun Energy, to Tata Power for $1.4 billion.

Speaking on recent funding, Mittal, chairman of Avaada Group said, "We are harnessing the power of the sun to ensure sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa."

Avaada is a leading developer of renewable energy projects with a 5 GW project pipeline across emerging African & Asian countries. Over the next 5 years, the company aims to develop a diversified portfolio of utility scale solar & wind projects, solar rooftop and EPC business.

According to Mercom India's Research report, the total power capacity additions in India were 16.3 GW in 2018 from all generation sources. Of this, renewable energy sources accounted for nearly 70% of installations, with solar representing 50.7% of new capacity and wind with 14%.

To recall, in December last year, Jaipur-based solar power developer and EPC (Engineering, Procurement, and Construction) player, Rays Power Infra had raised Rs 200 crore in mix of debt and equity funding from DMI Finance (DMI), a New Delhi-based Non-Bank Finance Company.

Prior to that, in October, India’s largest independent solar power producers Azure Power had raised around $185 million from Canada's CDPQ, a Quebec, Canada-based institutional investor.

In November 2015, India had initiated International Solar alliance, a congregation of 122 sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn, and now extended to all members of the United Nations. The primary objective of the alliance is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.

Source - LiveMint, Via ~ Xinhuanet.com