Avaada Group, an integrated green energy solutions provider, is positioning itself to expand into the green molecule and hydrogen sector, with the goal of becoming a leading green molecule company, chairman Vineet Mittal told FE.
The company plans to invest over ₹2.5 lakh crore by 2030 across various renewable energy projects, including wind, solar, and energy storage systems. Specifically, in the solar segment, Avaada is set to invest more than ₹1 lakh crore over the next decade.
“What we are looking at is that some time in the future, we should be able to make silicon, ingot, wafers, cells & modules and use that solar, wind and water energy to actually build a green electron and use those green electrons to make a green fuel and eventually sell the green fuel,” Mittal said.
Avaada is currently working on a large-scale green ammonia project in Gopalpur, Odisha, with an estimated investment of ₹25,000 crore, alongside other upcoming projects in Maharashtra and Odisha over the next few years.
“So that’s how we are looking at it and right now, we are focused on developing, constructing and operating the projects across various green energy sectors, including solar, wind, battery energy storage system, pump storage systems, green hydrogen, green ammonia, and green methanol,” he said.
“Right now, we are focused on developing, constructing, and operating projects across various green energy sectors, including solar, wind, battery energy storage systems, pumped storage systems, green hydrogen, green ammonia, and green methanol,” Mittal added.
The company plans to invest over ₹1 lakh crore in solar projects alone over the next decade, with an additional ₹50,000 crore directed towards wind energy. “If you look at module manufacturing, I’ll be producing over 10 gigawatts (GW) of capacity in the next two years. For cell manufacturing, we’re targeting a similar output,” he noted.
He noted that the renewable energy industry is innovating very quickly supported by favorable government policies and innovations that have helped lower the cost of renewable energy sources, he said.
Avaada aims to scale up its operational capacity to 30 GW by 2030 and is actively bidding for solar, wind, dispatchable renewable energy, and energy storage projects. “We are aggressively acquiring land and applying for grid access, and now have multiple letters of award (LOAs). Over the next decade, we plan to invest more than ₹2.5 lakh crore in this sector,” Mittal stated.
The company is also preparing to establish dedicated green hydrogen production facilities, with plans to export hydrogen and its derivatives to Western markets. However, Mittal highlighted that delays in land acquisition and grid access remain key challenges that could slow down project timelines.
“There are multiple other green molecule projects, but in those projects, I don’t yet have full land access, banking permissions, or connectivity. The biggest challenge we are facing right now is grid access. For example, if I’m setting up a project in Odisha, Uttar Pradesh, or Maharashtra, I need to allocate part of the capacity in states like Rajasthan, Gujarat, or Madhya Pradesh, where there is solar or wind potential. While we have acquired the land, evacuation remains an issue,” Mittal explained.
He noted that the earliest evacuation timelines are in 2028 or 2029, primarily because of dependencies on HVDC or HVAC systems. “Due to these reasons, our first project will enter the construction phase next year, but the others may not begin until 2026,” he added.
Regarding fundraising, Mittal mentioned that Avaada has no immediate plans to raise capital. “We have sufficient funds in our balance sheet, and we are now a profitable venture. We are no longer a startup, generating positive cash flows each year,” he said.
From: financialexpress
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