Avaada Group is planning to raise $1 billion (approximately Rs 8,400 crore) in debt by March next year to fund its expanding green energy projects. According to Chairman Vineet Mittal who told to FE, the debt will be utilized to finance wind, solar, and other renewable energy ventures, with the company already having raised equity for its initiatives. Avaada currently has an operational capacity of over 4.7 gigawatts (GW) and aims to reach 11 GW by 2026, with a long-term goal of achieving 30 GW by 2030. Mittal expressed optimism about potentially reaching the 30 GW target earlier if the necessary transmission lines are developed. In addition to its renewable energy capacity, Avaada's portfolio includes 5 gigawatt-hours (GWh) of battery storage and 10 GWh of long-duration pumped hydro storage.

Last year, the company raised $1.3 billion from Canadian investor Brookfield and Global Power Synergy (GPSC) to support its green hydrogen and green ammonia projects in India. As part of its ongoing efforts to boost renewable energy production, Avaada is building a 5 GW solar manufacturing facility in Nagpur. This facility, which will produce silicon ingots that will then be turned into wafers and solar panels, is set to begin operations next year with an investment of Rs 13,560 crore.

Avaada Group also has an operational 1.5 GW solar plant in Noida. In comparison, Tata Power has established a 4 GW solar cell and module manufacturing plant in Tirunelveli, Tamil Nadu, which commenced operations last year. Furthermore, Avaada is focusing on developing several pumped storage projects (PSPs) over time. Mittal mentioned that the group is particularly exploring opportunities in Rajasthan and Odisha for setting up additional PSPs. In August, Avaada entered into an agreement with the Maharashtra government to develop two pumped storage plants, with a combined capacity of 2,750 MW. These projects involve investments totaling Rs 14,000 crore and will be located in the Pune and Raigad districts (1,500 MW Pawana Falyan PSP) and the Kolhapur and Ratnagiri districts (1,250 MW Kumbhavade PSP).

Additionally, Avaada is working on green ammonia and green hydrogen projects in Gopalpur, Odisha. For these ventures, the company has secured $1.8 billion in funding from REC to develop a hydrogen ammonia production facility at the Gopalpur Industrial Park. Mittal indicated that construction will commence once the inter-state transmission system (ISTS) network is ready. He also mentioned that significant work has already been completed for the wind project in Odisha.

By combining solar, wind, pumped storage, and other energy sources, Avaada aims to supply round-the-clock green power to its commercial and industrial clients. Mittal noted a growing demand from corporate customers, especially as data centers proliferate. He highlighted that pumped storage plants (PSPs) offer a unique advantage in this area, capable of providing electricity for up to 18 hours or more, making them well-suited to meet the energy needs of such customers.