Avaada Group, a key player in India's renewable energy sector, has signed a Memorandum of Understanding (MoU) with the Government of Bihar to develop 1 gigawatt (GW) of renewable energy capacity across the state. The agreement involves an investment of INR 5,000 crore and was formalized as part of the state's launch event for its new Renewable Energy (RE) and Pumped Storage Policy (PSP).

Project Scope and Investment Details

Under the terms of the MoU, Avaada will establish a mix of clean energy projects, including ground-mounted solar, floating solar, community solar plants, and battery energy storage systems (BESS). The comprehensive renewable energy initiative represents a significant investment in Bihar's clean energy infrastructure.

The Bihar government, through its nodal agency Bihar Renewable Energy Development Agency (BREDA), will support the initiative by facilitating necessary clearances and approvals from relevant departments. This governmental support structure is designed to streamline the development process for the renewable energy projects.

Official Signing and Government Participation

The MoU was signed in the presence of Shri Bijendra Prasad Yadav, Hon'ble Minister of Energy, and Shri Nitish Mishra, Hon'ble Minister of Industries. The agreement was executed between BREDA and Shri Kishor Nair, Chief Executive Officer of Avaada Energy Private Ltd, demonstrating high-level government commitment to the renewable energy initiative.

Shri Vineet Mittal, Chairman of Avaada Group, welcomed the state's new policy framework and lauded the Bihar Government and the Energy Department for introducing one of the most progressive RE policies in the country, which is expected to attract significant private investment into the sector.

Implementation Timeline and Employment Generation

The renewable energy projects under this MoU are expected to commence production within two years of executing power purchase agreements (PPAs) with the respective state agencies and securing access to suitable land or water bodies. This timeline provides a clear framework for project development and implementation. The initiative is projected to generate direct employment for around 500 people, in addition to indirect opportunities through supply chain and infrastructure development.

Speaking on the partnership, Shri Kishor Nair, CEO of Avaada Energy, said, "At Avaada, we are committed to accelerating India's energy transition while contributing to regional growth. Our collaboration with the Government of Bihar is a major step toward unlocking the state's renewable energy potential. These projects will not only generate clean power but also create jobs, attract ancillary industries, and promote inclusive socio-economic development. We are proud to contribute to Bihar's vision for a sustainable and greener future."

Policy Incentives and Strategic Positioning

Avaada will be eligible for incentives under Bihar's RE policy guidelines, further strengthening the commercial viability of the proposed investments. These policy incentives are designed to encourage private sector participation in the state's renewable energy development. The partnership underscores Bihar's push to become a prominent destination for renewable energy investment in eastern India. The comprehensive nature of the agreement, covering multiple renewable energy technologies and substantial financial commitment, positions Bihar as an emerging hub for clean energy development in the region.

Track the Latest & Upcoming Renewable Energy Projects In India

Subscribe to our upcoming and ongoing Renewable Energy Projects in India with ease to access reliable, high-quality insights on forthcoming and completed Projects across the country.

Our user-friendly platform provides essential details, timely updates, key stakeholder contact information, and business opportunities tailored for engineering companies, industry professionals, investors, and government agencies.

Start a free demo to take your business to the next level.