Avaada Group
| File:Avaada.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Conglomerate |
| Founded 📆 | 2009 |
| Founder 👔 | Vineet Mittal |
| Headquarters 🏙️ | , , India |
Area served 🗺️ | India |
Key people | Vineet Mittal (Chairman) Sindoor Mittal (Vice chairperson) |
| Services |
|
| Members | |
Number of employees | |
| Subsidiaries | Avaada Energy Avaada Ventures Avaada Power Avaada Green Hydrogen Avaada Floating Solar |
| 🌐 Website | Official website |
| 📇 Address | |
| 📞 telephone | |
Avaada Group is an Indian conglomerate with business interests in Solar module manufacturing, Renewable Power generation, Electrolyser manufacturing and Green ammonia production.[1]
The group supplies green energy to government agencies like NTPC Limited, Solar Energy Corporation of India and Discoms, which contribute 60-70% of their total business. The flagship company of Avaada Group, Avaada Energy, was founded in 2009 and is a renewable energy independent power producer headquartered in Mumbai, India. The company is backed by Thailand's PTT Group.[1][2]
History[edit]
Avaada Group was founded in 2009 by Vineet Mittal, who had earlier served as the founder and MD of Welspun.[3] Mittal was part of Welspun Group's foray into renewable energy after he partnered with Balkrishan Goenka, the promoter of Welspun Group.[4]
In 2019, the company set up 2 GW open access solar power plants in 5 states, including Maharashtra, Tamil Nadu, Haryana, Karnataka and Odisha.[5] In March 2019, the Asian Development Bank, through its subsidiaries Ordinary Capital Resources (OCR) and Leading Asia's Private Infrastructure Fund (LEAP), signed an agreement to invest US$50 million in Avaada Energy Pvt Ltd.[6] In April 2020, Avaada Energy won a 2,000 Megawatt solar power project auctioned by government hydro power company NHPC Limited.[7]
Avaada Energy installed a 1GW capacity in 2021, the largest among renewable energy-independent power producers (IPP) in India.[8] In March 2021, the data center service provider, ST Telemedia Global Data Centres India tied up with its subsidiary Avaada MHKhamgaon to produce 99 million units per annum of renewable energy for its Maharashtra units.[9] In July 2021, Thailand-based power company Global Power Synergy Public Company (GPSC) bought a 41.6 percent stake in Avaada Energy for ₹33.88 billion.[10]
In March 2022, Avaada was assigned by the Bihar Renewable Energy Development Agency to commission Bihar's first floating solar power plant in Darbhanga.[11]
In April 2022, Avaada Group sold its 26 percent stake in Avaada MHVidarbha Pvt. Ltd. to Bharat Forge for ₹11.37 crores as single captive user to purchase solar power under open access regulations.[12] In March 2022, Bharti Airtel acquired a 9 percent stake in Avaada Clean TN Project for about ₹7.88 crores to comply with regulatory requirements for captive power plants under the provisions of Electricity Act, 2003.[13]
In August 2022, Avaada Group signed a deal with the Government of Rajasthan to invest ₹40,000 crores ($5 billion) in a green ammonia project in Kota, Rajasthan.[14] In August 2022, the company won a 25 MW solar project at a tariff of ₹2.91 per kWh from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). In September 2022, Avaada won a 300 MW solar project at a tariff of ₹2.83 per kWh from MSEDCL. It was declared the winner in an auction executed by MSEDCL in procuring power from 500 MW of grid-connected inter or intrastate solar projects (Phase-VIII).[15] In October 2022, it entered into a US$2 million worth of robotic cleaning supply contract with Israel's Airtouch Solar to maintain solar modules at its Rajasthan and Maharashtra plants using robotic cleaning systems.[16][17]
Green bonds[edit]
In March 2022, the company issued green bonds for ₹1,440 crores in the Indian capital market at 6.75 percent, which became the largest AAA-rated green bond in India by any renewable energy developer.[18]
Financials[edit]
In March 2019, the Asian Development Bank (ADB) signed an agreement to invest US$50 million in Avaada Energy Pvt Ltd to be contributed equally through ADB's Ordinary Capital Resources and Leading Asia's Private Infrastructure Fund (LEAP). The company secured cumulative investment of over ₹1,000 crore from the Asian Development Bank, DEG Germany, the Dutch finance development company FMO and promoter of Avaada.[19]
In November 2019, Avaada raised US$15 million (approx ₹107.55 crores) funding from Proparco, the French development finance institution.[20]
In 2021, Thailand state-owned PTT Group bought a stake in Avaada Energy for $453 million.[21]
Companies[edit]
Avaada Energy[edit]
The company started its operation in 2017. Avaada Energy is a developer of solar energy projects in India, providing clean energy products, including rooftop, utility-scale, off-grid solar projects.[6]
Avaada Ventures[edit]
The company promotes the business of green ammonia, green hydrogen and electrolyzers.[3]
Avaada Power[edit]
Avaada Power Private Limited provides renewable energy services. It develops and manages wind and solar projects in India. The solar manufacturing business of Avaada Group has an annual production capacity of 5 GW for cells and modules.[2]
Avaada Green Hydrogen[edit]
Avaada Group deals in green ammonia, green methanol, and Sustainable aviation fuel under its subsidiary Avaada Green Hydrogen Private Limited.[3]
CSR[edit]
The company is engaged in various CSR activities through its Avaada Foundation, which is a philanthropic arm of the company. The foundation's work is focused on education and healthcare.[22] In September 2022, the foundation provided free medical aid and relief to farmers affected by the outbreak of lumpy skin disease in cattle in Rajasthan.[23]
Legal cases[edit]
In August 2020, the Central Electricity Regulatory Commission (CERC), a central agency, ruled in favor of Avaada Clean Energy Pvt. Ltd. in a case regarding a 5 MW Solar PV project completed under the Solar Energy Corporation of India (SECI)'s Defense program. The project was delayed due to the imposition of safeguard duty.[24]
See also[edit]
Other articles of the topic Companies : Spümcø, Inc., Warner Music Group Corp., Starbucks Corporation, Univision Communications Inc., Career Education Corporation, Lehman Brothers Holdings Inc.
Other articles of the topic India : Josh (2000 film), Loknayak Jai Prakash Institute Of Technology, Serafim Kalliadasis, Uttarakhand Kranti Dal
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References[edit]
- ↑ 1.0 1.1 "Thai PTT power unit invests $453 mln in India's Avaada Energy". Reuters. July 14, 2021.
- ↑ 2.0 2.1 "Avaada Group signs MoU for Rs 40,000 crore Green Ammonia plant with Rajasthan government". The Economic Times. August 25, 2022.
- ↑ 3.0 3.1 3.2 Prasad, Rachita; Mathur, Shubhangi (September 29, 2022). "Avaada Group will be an integrated green molecule business: Founder Chairman Vineet Mittal". Moneycontrol.com.
- ↑ Bhalla, Mohit (July 9, 2021). "Omers, Norfund in talks to pick up 20% stake in Avaada Energy for $200 million". The Economic Times.
- ↑ "Avaada Energy to set-up 2 GW open access solar power plants in 5 states". The Economic Times. July 24, 2019.
- ↑ 6.0 6.1 "ADB to invest $50 million in solar power project developer Avaada". The Economic Times. March 19, 2019.
- ↑ "Avaada Energy bags 2,000 Mw solar power project by NHPC". The Economic Times. April 20, 2020.
- ↑ "Avaada Energy installed 1GW capacity last year". The Times of India. February 4, 2022.
- ↑ "Avaada Energy's arm to supply renewable energy to country's largest data centre operator". The Economic Times. March 3, 2021.
- ↑ Prasad, Rachita (July 14, 2021). "Thailand's GPSC buys 42% in Avaada Energy for Rs 33.88 billion". The Economic Times.
- ↑ Jha, Bishnu K (January 14, 2022). "Bihar's first floating solar power plant to be commissioned". Hindustan Times.
- ↑ "Bharat Forge acquires 26 per cent in Avaada MHVidarbha". Hindustan Times. April 19, 2022.
- ↑ "Airtel acquires 9 per cent stake in Avaada Clean for Rs 7.8 crore". The Economic Times. March 11, 2022.
- ↑ "Avaada Group inks pact to invest $5 bn in green ammonia project". Livemint. August 24, 2022.
- ↑ Anand, Saurav (September 12, 2022). "Avaada Energy bags 300 mw solar project from MSEDCL". Livemint.
- ↑ "Avaada, Airtouch Solar sign agreement for robotic solar module cleaning". The Economic Times. October 12, 2022.
- ↑ Gupta, Uma (October 12, 2022). "Avaada signs $2 million robotic cleaning deal with Airtouch Solar". PV Magazine.
- ↑ "Avaada Energy to issue green bonds for Rs 1,440 crore". The Economic Times. March 1, 2022.
- ↑ "Avaada Energy gets Rs 1,000 crore investment for solar projects". The Economic Times. April 10, 2019.
- ↑ "Avaada Energy gets $15 mn funding from French finance institution Proparco". Business Standard. November 23, 2019.
- ↑ Baigorri, Manuel; Kalesh, Baiju; Chan, Vinicy (July 14, 2021). "Thailand's PTT Buys $453 Million Stake in India's Avaada". Bloomberg News.
- ↑ "Avaada Foundation To Impact 10 Lakh Lives Through Education, Empowerment And Environment Initiatives". Sakhi. October 6, 2022.
- ↑ "अवादा फाउंडेशन ने बीकानेर जिले के गांवों में लम्पी से प्रभावित छह हजार से अधिक गायों को बचाया" (in Hindi). United News of India. September 6, 2022.CS1 maint: Unrecognized language (link)
- ↑ Saumy, Prateek (August 25, 2020). "CERC Awards Compensation to Avaada". Saur Energy.
External links[edit]
| Ultra Mega Solar Power Projects |  | |
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| Above 100 MW | ||
| Below 100 MW | ||
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