New Delhi, Jan 28 (PTI) Avaada Group on Tuesday said it has inked an initial pact to invest Rs 20,700 crore to develop renewable energy projects in Odisha.

The investment will be utilised for the development of 1,500 MW of floating solar projects, two 1,000 MW Pumped Storage Projects (PSP) and green energy equipment manufacturing units in the state, the company said in a statement.

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The company has reaffirmed its commitment to sustainable growth by signing a Rs 20,700 crore memorandum of understanding (MoU) with the Odisha government in the presence of Chief Minister Mohan Charan Majhi at the Make in Odisha Conclave 2025, it said.

The event, inaugurated by Prime Minister Narendra Modi, highlights Odisha's ambition to become a leading green energy hub in India.

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The Make in Odisha Conclave, the state's flagship investment summit, is a platform for global investors, policymakers, and industry leaders to explore opportunities in the state's dynamic economic landscape.

Avaada Group is showcasing its innovative renewable energy portfolio, which spans solar, wind and green hydrogen during the conclave.

"Our Rs 20,700 crore investment in renewable energy projects, including floating solar and pumped storage demonstrates our commitment to sustainability and innovation," Vineet Mittal, Chairman of Avaada Group, said.

Avaada Group is a global leader in the clean energy transition, with expertise in solar module manufacturing, renewable power generation, and green hydrogen, green ammonia, and sustainable fuel production.

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