Avaada Group, led by serial entrepreneur Vineet Mittal, has entered into a Memorandum of Understanding (MoU) with the Rajasthan Government to develop a Pumped Storage Project (PSP) in Rajasthan with an investment of ₹5,800 crore.
The 1,200 megawatt (MW) Kadambari PSP will come up in the Sirohi district over the next 5-7 years. A Memorandum of Understanding (MoU) in this regard was signed between the Energy Department, Government of Rajasthan and Avaada Aqua Batteries, a subsidiary of Avaada Group in the presence of Bhajan Lal Sharma, Chief Minister of Rajasthan, said a company release.
''Our pumped storage project will not only provide Round the Clock (RTC) renewable power but also enhance grid stability by integrating more solar and wind energy'', said Vineet Mittal.
Avaada already has MoUs with the Rajasthan Government for over Rs One lakh crore of new projects, which include a one million tonnes per annum ( MTPA) Green Ammonia project, 1,000 MW wind power projects and 10 gigawatt (GW) solar power projects spread across districts such as Jhalawar, Kota, Barmer and Bikaner.
Avaada Energy, the group’s renewable power generation arm, plans to achieve a capacity of 11 GW by 2026. It has secured a $1.3 billion commitment in early 2023, with $1 billion from Brookfield’s Energy Transition Fund and $300 million from GPSC, a subsidiary of Thailand’s PTT Group.
