Telecom major Bharti Airtel picked up a 8.53 per cent stake in a solar power company of Avaada Energy in Maharashtra. Bharti has acquired a stake in Avaada MHbuldhana Pvt. Ltd to source 21.32 MW of Solar Power from Avaada MH Buldhana under the group-captive arrangement and thereby reduce its carbon footprints.
Avaada Energy has a 500 Mw project portfolio across various states - Rajasthan, Haryana, Maharashtra, Uttar Pradesh, and Bihar. Avaada is targeting to have an operational capacity of more than 5 GW capacity by the end of 2021
The company has signed contracts under open access arrangement with corporates, manufacturing units, IT firms, data centers to optimize their operating costs and meet their green energy needs. This includes third-party sales through solar rooftop and hybrid energy.
Sourcing renewable energy under group captive arrangement is one of the preferred options for corporations desiring to reduce their CO2 emissions significantly and bring down electricity procurement cost, Avaada said in a statement.
“It is good to see that leading corporates are switching from fossil fuel-based energy to clean energy solutions; we are working with some of the leading MNCs who have committed to switching to 100% renewables,” said Vineet Mittal, Chairman, Avaada Group.
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