The $12bn investment aims to position the region as a global renewable energy hub. Credit: Bilanol/Shutterstock.

India-based sustainable energy company Avaada Group has unveiled a $12bn investment in Rajasthan to expedite the transition to green energy.

This investment aims to position the region as a global renewable energy hub.

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The announcement was made at the Rising Rajasthan 2024 Summit, in the presence of Indian Prime Minister Narendra Modi and Rajasthan’s chief minister Bhajanlal Sharma.

Rajasthan is recognised as a global centre for renewable energy, having over 142GW of unparalleled solar potential, attributed to more than 325 sunny days each year.

The state’s investor-friendly policies such as the Rajasthan Investment Promotion Scheme 2024 and the Integrated Clean Energy Policy 2024 have already attracted investments totalling $78bn.

Avaada Group chairman Vineet Mittal said: “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape.

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“Avaada’s commitment of $12bn while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future. Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”

The Avaada Group’s engagement in Rajasthan commenced with a 150MW solar project and has since expanded to include several ventures, notably one of the largest single-location renewable energy projects by an independent power producer (IPP).

The investments highlighted at the summit include a 1.2GW Pumped Storage Project (PSP), valued at $700m, to improve energy storage and grid stability, as well as green hydrogen and ammonia projects that align with global decarbonisation objectives.

Additionally, utility-scale solar and wind projects are planned for Jhalawar, Kota, Barmer, and Bikaner, which will contribute to India’s renewable energy goals.

Rajasthan’s alignment with international sustainability frameworks such as the EU’s Carbon Border Adjustment Mechanism (CBAM) offers a competitive edge for zero-carbon manufacturing and green industrial growth.

In May, Avaada received a 1.05GW solar capacity project in an auction by the country’s National Thermal Power Corporation’s Renewable Energy Implementing Agency.