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Avaada Group to set up Rs 50,000-crore project

VISAKHAPATNAM: Avaada Group has come up with a proposal to set up an integrated power project to generate 5,000 mw of renewable energy in AP. It is expected to generate employment for 7,300 people.

Avaada Group COO Kishor Nair said they entered into an MoU at the Investors Summit to set up the project at a tentative cost of `50,000 crores. Avaada Group first set up its project at Pulivendula in 2012.

As part of the integrated project, it will set up solar, wind and pumped storage hydropower plants in Coastal Andhra and Rayalaseema. Avaada Energy, the flagship company of Avaada Group, has commissioned a few of India’s largest renewable energy projects in 11 States.

He said they have conducted a study on the feasibility of integrated renewable energy projects in the State and found areas close to the port are ideal for its location. They are planning to set up the project in Kakinada or Srikakulam.

The group will also set up wind and solar energy plants in Anantapur or Chittoor. The electricity generated by the solar and wind energy plants will be connected to the pumped storage hydropower project, he added.