NEW DELHI: Green energy solutions provider Avaada Group has said it will invest Rs 5,800 crore to develop a 1200MW pumped hydropower storage project in Rajasthan. The group has entered into a Memorandum of Understanding (MoU) to develop the Pumped Storage Project, a company statement said.
The project comprises development of 1200 MW Kadambari PSP in the Sirohi district.
With a total investment of approximately Rs 5,800 crore over the next 5-7 years, the project is poised to play a transformative role in ensuring Rajasthan’s energy security and environmental sustainability.
“These investment initiatives not only address the rising energy demands but also pave the way for sustainable growth, employment creation, and economic resilience. This partnership marks a significant milestone in realizing Rajasthan’s clean energy potential,” Chief Minister of Rajasthan Bhajan Lal Sharma said in the statement.
Rajasthan, with 28,617 MW of installed renewable energy capacity, ranks second in India.
“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, Chairman of Avaada Group.
This initiative complements Avaada’s previously announced investment of Rs 1 lakh crore in Rajasthan, which encompasses projects like a 1 MTPA Green Ammonia Project, 1 GW Wind Power Projects, and 10 GW Solar Power Projects.
Spread across key districts such as Jhalawar, Kota, Barmer, and Bikaner, these ventures collectively aim to generate significant employment opportunities, bolster green manufacturing, and drive Rajasthan’s contribution to India’s renewable energy milestones and become a trillion-dollar economy through sustainable, green power solutions.
The MoU was formalized between the Energy Department, Government of Rajasthan and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group. The signing ceremony was graced by Chief Minister of Rajasthan Bhajan Lal Sharma and other dignitaries.