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Vineet Mittal said the group is exploring opportunities in the renewable energy market in Southeast Asia and beyond. He said the group plans to invest in a technology center either in Noida or Bengaluru to drive renewable energy innovation.
Avaada Group Chairman Vineet Mittal talks to Moneycontrol about the ongoing COP27, the commitments of developed versus developing countries, the renewable energy market and the firm’s plan to be a 30GW company by 2030. Listen in!
The group is adding capacity across its different verticals and aims to become a 30 GW firm by 2030. Mittal said its current business plan is fully funded.
Avaada Energy is owned by Vineet Mittal, the former promoter of Welspun Energy. He left the Welspun Group after selling the entire 1.1 GW renewable energy portfolio of Welspun Energy To Tata Power for $1.4 billion.
The renewable energy firm is open to diluting minority stake, wants the money to expand and also bid for renewable energy assets, say sources.
Welspun Renewables has successfully developed all its projects well before their scheduled deadlines and at a lower cost ratio as compared to other developers in the clean energy sector.
The company said it has generated USD 405 million debt and got USD 165 million as equity. Another USD 47 million is in the form of line of credit.
Vineet Mittal, Vice Chairman Welspun Renewables said the 52 MW clean energy project is strengthening partnership with Maharashtra.
Vineet Mittal of Welspun Energy shares an exceptional idea to speed up India's social development. It is inspired by the carbon credits market and he believes that the government should make community development certificates mandatory for cos bidding for government contracts.
