Avaada Group, the Indian equity partner of Thai energy firm PTT Group, has signed a memorandum of understanding (MoU) to inject US$5 billion into a green ammonia plant with the Rajasthan state government’s Department of Industries and Commerce.
Out of the $5 billion, Avaada Energy received equity participation of roughly $475 million from PTT Group in 2021.
Calling the collaboration a game changer for India’s green push, Vineet Mittal, chair of Avaada Group, said green energy transition is vital to the country and will pave the way towards net-zero goals.
“Aligning with the nation’s vision of self-reliance, at Avaada we aim to make India energy independent by focusing on green energy security,” he said.
Mr Mittal said the PTT investment in Avaada Group is set to support the firm’s mission of becoming a leading player in India’s renewable energy sector.
“At Avaada, we believe business and sustainability go hand-in-hand,” he said. “We are grateful to the government of Rajasthan for this partnership.
“It will help strengthen India’s green energy revolution, led by Prime Minister Narendra Modi, as we make significant investments in innovative clean energy solutions to support the country’s exponential growth in the renewable energy sector.”
Mr Mittal said green hydrogen’s biggest advantage is that it burns clean, leaving only water vapour behind.
For industries that require high-temperature heat, such as foundries, glass and steelmakers, this could be groundbreaking as it will not only replace fossil fuels with renewable sources, but also produce green ammonia and a substitute for gas, he said.
The MoU should create 3,500 direct and 10,500 indirect employment opportunities, said Mr Mittal.
Avaada Group is India’s leading renewable energy company, with diverse business interests in solar module manufacturing, electrolyser manufacturing and green ammonia production. The company has commissioned some of the largest solar projects across 11 Indian states.
