Bhubaneswar, Jan 28: Avaada Group, a leading name in India’s renewable energy sector, has reaffirmed its commitment to sustainable growth by signing a Memorandum of Understanding (MoU) with the Odisha government to invest ₹20,700 crore in green energy sector.
The MoU was signed in the presence of Chief Minister Mohan Charan Majhi at the Make in Odisha Conclave 2025. The event, inaugurated by Prime Minister Narendra Modi, highlights Odisha’s ambition to become a leading green energy hub in India.
The Make in Odisha Conclave, the state’s flagship investment summit, is a platform for global investors, policymakers, and industry leaders to explore opportunities in Odisha’s dynamic economic landscape. Avaada Group is showcasing its innovative renewable energy portfolio, which spans solar, wind and green hydrogen during the conclave.
As part of the MoU, Avaada has pledged a bold investment of ₹20,700 crore for:
● 1,500 MW of floating solar projects
● Two 1,000 MW Pumped Storage Projects (PSP)
● Green energy equipment manufacturing units
This investment aligns with Odisha’s vision of driving industrial growth while leveraging its abundant natural resources for a sustainable future.
Speaking at the event, Vineet Mittal, Chairman of Avaada Group, said, "Odisha is poised to lead India’s renewable energy revolution. The state’s rich resources and visionary leadership create unparalleled opportunities for green industrialization. Our ₹20,700 crore investment in renewable energy projects, including floating solar and pumped storage demonstrates our commitment to sustainability and innovation. We are proud to partner with the Government of Odisha to build a greener, stronger future for the region.”
Mittal highlighted that these initiatives align with India’s target of achieving 500 GW of renewable energy capacity by 2030, as well as Odisha’s strategy to position itself as a global investment destination. With its strong fiscal health, as reported in NITI Aayog’s Fiscal Health Index 2025, Odisha is well-positioned to attract investments that drive sustainable development.
