Avaada Group has forged a Memorandum of Understanding (MoU) with the state-run Rural Electrification Corporation (REC) to establish a green hydrogen and green ammonia hub in Gopalpur, Odisha. This partnership is set to catalyze a significant transformation in the state’s green energy landscape.
REC, a non-banking financial company (NBFC) specializing in the power sector, has committed a substantial investment of ₹15,000 crore to support the creation of a cutting-edge facility dedicated to the production of green hydrogen and ammonia. Odisha, with its abundant renewable resources and conducive government initiatives, is the ideal canvas for this ambitious project.
Vineet Mittal, the Chairman of the Avaada Group, expressed his gratitude to the Government of Odisha for fostering an environment conducive to renewable energy and green molecule business endeavors. He highlighted the state’s role as an ideal destination for sustainable growth. The Avaada Group’s partnership with REC is not only set to energize Odisha’s sustainable development but also to expand the group’s footprint in the renewable energy sector across India and the globe.
In line with its commitment to promoting clean and sustainable energy solutions, REC has also joined hands with the Acme Group. This collaboration is infused with an investment of ₹16,000 crore dedicated to another green hydrogen and ammonia facility in Gopalpur. These initiatives collectively underscore the critical role that sustainable energy will play in shaping our future.
REC’s commitment to Odisha doesn’t stop at green hydrogen and ammonia projects. The company has also teamed up with the Odisha Power Generation Corporation (OPGC) to finance ₹9,538 crore for the development of Unit 5 & 6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This strategic alliance is poised to make substantial contributions to the state’s power generation capacity and energy infrastructure.
These Memoranda of Understanding (MoUs) represent a staggering financial commitment of ₹40,358 crore over the coming years in Odisha. REC, in alignment with its mission to foster regional progress, has found formidable partners in OPGC, Acme Group, and the Avaada Group. Together, they are set to play a pivotal role in enhancing energy infrastructure, promoting sustainable practices, and spurring economic growth in Odisha.
As the world grapples with the pressing need for sustainable energy solutions, collaborations like these are beacons of hope. They reaffirm the belief that with concerted efforts and substantial investments, we can transition towards greener and more sustainable energy landscapes. The partnership between REC and Avaada Group serves as a testament to the power of visionary alliances and the promise of a cleaner, more sustainable future for Odisha and beyond.