Avaada Plans ₹1 Lakh Cr Renewable Push to 30 GW

Avaada Group is preparing for one of its most ambitious expansion phases yet. The renewable energy company has announced that it will invest ₹1 lakh crore over the next five years to grow its clean-energy portfolio, strengthen manufacturing, and deepen its presence in India’s rapidly evolving green power ecosystem.

Chairman Vineet Mittal said the company is gearing up to increase its total renewable capacity from the current 6.1 GW to 30 GW by 2030. This includes not only large-scale solar capacity but a significant push into wind and battery storage as well.

The plan comes at a time when investor interest in clean energy is rising sharply, and India is pushing hard to meet its long-term climate goals.

How Does Avaada Plan To Scale Its Capacity?

Avaada currently has 6.1 GW operational and nearly 10 GW under construction, making it one of the fastest-growing renewable players in the country. Over the next five years, the company plans to add 4–5 GW of capacity every year, backed by an annual investment of nearly ₹20,000 crore.

By 2030, about 80% of the future portfolio will be solar, while 20% will come from wind, marking a clear shift from earlier years when Avaada was more solar-heavy. Mittal said the wind business is expected to grow even faster in the coming phase, given the strong policy push and better project economics.

While pumped hydro assets are also being explored, Mittal acknowledged that these projects may take longer and may not be commissioned within the five-year window.

Avaada believes grid readiness, not capital, is now the biggest bottleneck. States like Maharashtra and Gujarat have aligned with central connectivity norms, easing timelines, but transmission upgrades expected between 2026 and 2028 will play a key role in unlocking the next wave of capacity additions.

What’s Behind Avaada’s Manufacturing Push And IPO Plan?

Avaada’s plans extend well beyond power generation. The company is aggressively expanding its manufacturing business through its solar PV arm, Avaada Electro, which has filed papers for a ₹10,000 crore IPO expected in 2026.

A key element of Avaada’s strategy is vertical integration. The group is developing in-house cell, module, wafer, and glass manufacturing capabilities to reduce dependence on imports and secure the supply chain, a lesson reinforced during the Covid-19 disruptions.

A major project in this ecosystem is the upcoming 1,200-tonne per day solar glass factory in Nagpur. The plant will be operational in around 13–14 months and will sit next to Avaada’s cell and module plants, helping cut logistics costs for 70% of its output.

How Will Avaada Fund Its Growth and Expand Its Workforce?

Avaada has raised more than ₹10,500 crore in the past from investors like PTT Thailand, Brookfield Renewable, and the Asian Development Bank. Mittal said the company has not even deployed the full amount, pointing to a healthy capital position.

Typically, Avaada funds its expansion through a mix of equity, debt, and internal cash flows. Mittal said sustainability-linked projects continue to draw strong investor interest, especially as new investment vehicles are launched.

On the workforce front, Avaada currently employs over 6,000 people. It plans to hire 10,000 more employees over the next three years as its manufacturing and asset management operations expand.

Mittal added that the group is creating capabilities where India lacks expertise and outsourcing only where global quality is superior.

As the company spreads its wings across manufacturing, generation, and storage, Avaada aims to become a fully integrated renewable energy powerhouse by 2030.

With such aggressive investments and an ecosystem-based strategy, can Avaada emerge as one of India’s most influential clean energy leaders over the next decade?

Sources:

Economic Times
NDTV Profit