Avaada Group, a renewable energy company, has announced plans to establish a green hydrogen and ammonia manufacturing unit at the Gopalpur Industrial Park of Tata Steel SEZ Ltd in Odisha. This development comes after Avaada signed a memorandum of understanding (MoU) with Tata Steel Special Economic Zone Ltd (TSSEZL).
Chairman of Avaada Group, Vineet Mittal, described the MoU as a significant milestone in their journey towards realizing their green ammonia venture.
The project is expected to create approximately 1,600 direct jobs and 4,000 indirect employment opportunities, according to a statement by the company. Additionally, it aims to reduce annual carbon dioxide emissions by nearly 2 million tonnes.
The green hydrogen sector in India has gained momentum following the government’s launch of the national green hydrogen mission earlier this year.
Avaada Group has set ambitious targets to achieve 11 GW of operational projects by 2026 and 30 GW by 2030. The company currently has an operational renewable energy capacity of 4 GW, with an additional 3 GW under construction. In addition to investing in solar and wind energy projects and green hydrogen initiatives, Avaada has entered the solar module manufacturing and electrolyzer manufacturing sectors.
Recently, it was reported that the company plans to expand its workforce by nearly 3,000 employees over the next two years, aligning with its growing activities in solar module manufacturing and green hydrogen operations. As of now, Avaada employs around 700 people.
In June, Avaada Group secured a substantial funding of $1.3 billion, marking the largest investment in India’s renewable energy sector. The investment included $1 billion from the Brookfield Global Transition Fund and a $233 million infusion from existing shareholder Global Power Synergy Public Co., which increased its stake in Avaada Energy Pvt Ltd.
The establishment of a green hydrogen and ammonia unit in Odisha is a significant step towards promoting renewable energy and reducing carbon emissions in the region, contributing to India’s broader green energy goals.