Avaada Group to develop 1.2 GW pumped storage project in Rajasthan
Author: PPD Team Date: November 25, 2024
Avaada Aqua Batteries, a subsidiary of Avaada Group, has signed a Memorandum of Understanding (MoU) with the Rajasthan government to establish a 1.2 GW pumped storage project (PSP) in the Sirohi district.
With a budget of Rs 58 billion, the project is expected to be completed within five to seven years. It aims to provide Round the Clock with renewable energy and enhance grid stability by integrating solar and wind power.
In October 2024, Avaada Energy, another arm of Avaada Group, secured Rs 5.97 billion in refinancing from NIIF Infrastructure Finance Limited for its commercial and industrial (C&I) solar projects in Karnataka and Maharashtra. Earlier in May 2024, Avaada raised $38 million from Aseem Infrastructure Finance Limited (AIFL) as part of a 21-year project loan for a captive solar project in Kalaburagi, Karnataka.