Renewable energy company Avaada Group has announced a $12 billion investment in Rajasthan to accelerate the green energy transition and position the state as a global leader in renewable energy.
Among the major investments are:
- A $700 million project to improve grid stability and energy storage is the 1,200 MW Pumped Storage Project (PSP).
- Green hydrogen and ammonia projects are financial investments meant to advance international decarbonization objectives.
- Utility-scale wind and solar projects in Jhalawar, Kota, Barmer, and Bikaner are making a substantial contribution to India’s renewable energy goals.
Rajasthan offers a distinct edge for zero-carbon manufacturing and green industrial growth due to its strategic alignment with international sustainability frameworks such as the EU’s Carbon Border Adjustment Mechanism (CBAM). This helps the state attract industries looking for sustainable operations and create more than one million green jobs.
Vineet Mittal, Chairman, Avaada Group, said, “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape. Avaada’s commitment of $12 billion while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”
“As a global renewable energy leader, Avaada is proud to participate in Rajasthan’s vision of becoming a green hub of industrial growth,” Mr. Mittal said. “Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”
Prime Minister Narendra Modi and Rajasthan Chief Minister Bhajanlal Sharma attended the prestigious Rising Rajasthan 2024 Summit, where Avaada announced the investments.
With more than 142 GW of solar potential and more than 325 sunny days per year, Rajasthan stands out as a global center for renewable energy. $78 billion in investments have been drawn to the state by its pro-business initiatives, such as the Integrated Clean Energy Policy 2024 and the Rajasthan Investment Promotion Scheme 2024.
