Avaada has signed a memorandum of understanding with REC Ltd for $1.8 billion green ammonia project financing.
OCTOBER 16, 2023 UMA GUPTA
FINANCE
HYDROGEN
UTILITY SCALE PV
ODISHA
Vineet Mittal, Chairman, Avaada Group
Image: Avaada Group
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Avaada Group’s green ammonia division has announced the signing of a Memorandum of Understanding with REC Ltd to finance its green ammonia project in Odisha. REC has committed to investing INR 15,000 crore (around $1.8 billion) into the project.
Avaada Group is an integrated energy company with interests spanning the manufacturing of solar panels, renewable power generation and green hydrogen, methanol and ammonia production ventures. Avaada Energy, an arm of Avaada Group, targets 11 GW of projects by 2026. Avaada has received a $1.3 billion investment from Brookfield’s Energy Transition Fund and $300 million from GPSC, PTT Group of Thailand.
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