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REC, Avaada Group Inks MoU for Rs 20,000 cr Investment in Power Projects

Avaada Group has signed a memorandum of understanding (MoU) with REC, under which the infrastructure finance company will invest Rs 20,000 crore in the renewable energy company.

 

The partnership between Avaada and REC for the debt financing of the power sector was sealed through the pact on the sidelines of the fourth meeting of the G20 Energy Transition Working Group (ETWG) in Goa. The investment will be spread over the next five years.

 

Prominent among Avaada’s diverse energy transition ventures includes green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and solar, wind, and hybrid projects. The move reinforces ‘Atmanirbhar Bharat’ and the Green Hydrogen Mission, which will together facilitate India's energy transformation trajectory.

 

Recently, to bolster its green hydrogen and derivative business, Avaada completed a funding round of USD 1.3 billion, inclusive of a USD 1 billion investment from asset management fund Brookfield.

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