"Avaada Group and REC Sign MoU for Green Hydrogen Hub in Odisha"

The Avaada Group has formalized a Memorandum of Understanding (MoU) with the state-run Rural Electrification Corporation (REC) to establish a cutting-edge green hydrogen and green ammonia hub in Gopalpur, Odisha.

REC, a non-banking financial company (NBFC) specializing in the power sector, has committed a substantial ₹15,000 crore investment for the forthcoming green hydrogen and ammonia facility in Odisha. This initiative is poised to make a significant contribution to the state's green energy landscape, as confirmed by REC recently.

Vineet Mittal, Chairman of the Avaada Group, expressed gratitude to the Government of Odisha for fostering a conducive environment for renewable energy and green molecule business transactions. He emphasized that this partnership enables the financing of renewable energy projects in Odisha, which will not only promote the state's sustainable development but also strengthen the Avaada Group's footprint in renewable energy within India and globally.

In addition to its partnership with Avaada, REC has also collaborated with the Acme Group to provide ₹16,000 crore in funding for another green hydrogen and ammonia facility in Gopalpur. This underscores the increasing importance of sustainable and clean energy solutions for the future, as stated by REC.

Furthermore, REC and the Odisha Power Generation Corporation (OPGC) have joined forces to provide ₹9,538 crore in financing for the development of Unit 5 & 6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This collaborative effort is set to significantly enhance the state's power generation capacity and energy infrastructure.

Collectively, these MoUs represent a substantial financial commitment of ₹40,358 crore over the coming years in Odisha. REC's commitment to the region's progress, combined with its partnerships with OPGC, Acme Group, and Avaada Group, will play a pivotal role in bolstering energy infrastructure, promoting sustainable practices, and fostering economic growth in Odisha.

HBL