New Delhi: Avaada Group has entered into a significant agreement with the Odisha government, committing to invest Rs 20,700 crore to develop a range of Renewable Energy (RE) projects in the state. The pact was formalised through a memorandum of understanding (MoU) signed in the presence of Chief Minister Mohan Charan Majhi at the Make in Odisha Conclave 2025, which was inaugurated by Prime Minister Narendra Modi earlier in the day.
The Rs 20,700 crore investment will be used to develop 1,500 MW of floating solar power projects, two Pumped Storage Projects (PSP) with a combined capacity of 2,000 MW, and green energy equipment manufacturing units in Odisha. The initiative is part of Avaada’s broader strategy to support sustainable energy solutions and innovation.
The MoU signing ceremony took place at the Make in Odisha Conclave, a flagship event aimed at positioning the state as a key player in India's green energy sector. This summit serves as a platform for global investors, policymakers, and industry leaders to engage and explore investment opportunities in Odisha’s growing economy.
Vineet Mittal, Chairman of Avaada Group, emphasised the company’s dedication to sustainability and innovation. “Our Rs 20,700 crore investment in renewable energy projects, including floating solar and pumped storage, demonstrates our commitment to sustainability and innovation,” Mittal said in a statement.
This partnership signals a major step in Odisha's drive to become a leading hub for renewable energy in India.