Bhopal (Madhya Pradesh) [India], February24 (ANI): Avaada Group is planning a significant investment of Rs 50,000 crore in Madhya Pradesh over the next five years, with most of the projects expected to materialize within three to four years, said Chairman Vineet Mittal in an exclusive conversation with ANI.

He stated that the Avaada Group has been actively involved in Madhya Pradesh's green energy sector since 2010. The company had set up the state's first large-scale solar power plant with a capacity of 151 megawatts.

Over the years, Avaada has expanded its presence by developing various renewable energy projects, including solar, wind, and pumped storage battery systems.

He said 'currently we are considering around 50,000 crore investment into Madya Pradesh over a period of 5 years and most of it should materialize in 3 to 4 years'.

Mittal highlighted that Avaada's investment is backed by global investors such as Thailand's PTT Group and Brookfield. He stated that the company has already secured capital for its ongoing projects in Madhya Pradesh, many of which are part of national tenders run by the Solar Energy Corporation of India (SECI).

Discussing India's ambitious renewable energy goals, Mittal emphasized the country's target of achieving 500 gigawatts of non-fossil fuel energy.

He noted that India's annual solar power capacity has significantly increased from 10 gigawatts to 30 gigawatts and needs to reach 50 gigawatts per year to achieve the target.

'India has a vision of 500 gigawatts of non-fossil fuel. If you look at now from 10 gigawatts almost a year we have started doing 30. We need to push it to 50 gigawatts. Then 500 gigawatts would be real' he stated.

He also pointed out that India's solar panel production has grown from less than 5 gigawatts to 60 gigawatts, reflecting the country's rapid expansion in the renewable energy sector.

Mittal also addressed India's rising power demand, attributing it to the Make in India initiative and increasing economic prosperity. However, he expressed confidence that India is well-positioned to meet the demand through its aggressive expansion of renewable energy sources.

He emphasized that with advancements in solar, wind, and battery storage technology, India can provide round-the-clock green energy at competitive rates, even cheaper than thermal power. (ANI)