Avaada Group has signed a memorandum of understanding (MoU) with the government of Madhya Pradesh, India, committing an investment of Rs500bn ($5.76bn) to enhance renewable energy capacity.
The agreement, formalised at the MP-GIS 2025 Curtain Raiser event in New Delhi, aims to transform the state into a hub for sustainable energy.
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The investment will facilitate the development of 6,000MW of solar energy, 700MW of wind energy, 2,100MW of battery energy storage systems (BESS) and 2,000MW of pumped storage projects.
Avaada will set up facilities to manufacture green energy equipment, strengthening the state’s clean energy ecosystem.
Avaada Group chairman Vineet Mittal stated: “Under the leadership of Honourable Chief Minister Dr Mohan Yadav, Madhya Pradesh is uniquely positioned to lead India’s green energy revolution, with abundant sunlight, wind potential and a skilled workforce ready to power the future. With this investment, we strive to support the state’s vision of becoming a leading hub for green energy, driving skill development and fostering economic growth.
“With this investment, we strive to support the state’s vision of becoming a leading hub for green energy, driving skill development and fostering economic growth”.
This collaboration aligns with Madhya Pradesh’s long-term vision of leveraging its natural resources for sustainable development.
By fostering innovation and scaling up renewable energy adoption, the state aims to play a pivotal role in achieving India’s target of 500GW of non-fossil fuel capacity by 2030.
Avaada’s growth has been strengthened by a $1.3bn investment in 2023 from Brookfield’s Energy Transition Fund and GPSC, a subsidiary of PTT Group, Thailand.
