Avaada Energy has commissioned over 1.8GW of renewable assets (Solar and Wind) and is in the process of implementing 2000MW of open access solar plants in states like Maharashtra, Tamilnadu, Haryana, Karnataka and Orissa. The company has a portfolio of over 500MW of open access solar plants for leading corporates, IT, MNCs and manufacturing segment.
These plants are being built for corporates who are looking to optimize their operating costs and meet their green energy needs through solar, rooftop and hybrid energy solutions. Typically, a corporate can save up to 30-50% of its electricity costs by switching to open access solar solutions.
Speaking about Avaada's open access solar solutions, Vineet Mittal, Chairman, Avaada Energy said: "Avaada continues to contribute to India's green energy revolution led by Hon'ble PM Shri Narendra Modi. Open access is a highly credible and economical solution for corporates looking to bring down their electricity bills and CO2 emissions significantly. We are already working with some of the leading MNCs who have committed to switch to 100% renewables."
Avaada Energy recently raised over INR 1000 crs from investors such as the Asian Development Bank, Germany's Deutsche Entwicklungs- und Investitionsgesellschaft, Dutch Development Bank, Netherlands Development Finance Company and Promoters. The company has a target of developing 5GW of renewable energy portfolio in Asia and Africa by 2022.