Mumbai-based Avaada Energy has partnered with Al Jomaih Energy and Water (AEW) as it aims to bolster renewable energy production in Saudi Arabia and selected regions in the Middle East region.
Avaada Energy, a subsidiary of Avaada Group, said it aims to harness the potential of various green energy solutions, including solar, wind, hybrid power, and battery energy storage systems.
The purpose of this partnership.
Avaada Energy and AEW signed the memorandum of understanding (MoU) for an increased effort in exploring and developing renewable energy projects in the region.
According to the company's statement, A dedicated committee, comprising members from both AEW and Avaada, will oversee the potential projects, ensuring a harmonized approach to achieving their renewable energy goals.
AEW will supply the necessary resources for the project.
AEW said it will liaise with stakeholders and provide the required project resources.
On the other hand, Avaada will offer competitive EPC solutions and is ready to establish collaborative O&M setups in Saudi Arabia.
Avaada Energy, the flagship entity of the group, is on a fast track of growth with plans to achieve 11 GW of projects by 2026 and has set an ambitious target of 30 GW by 2030.
The company recently raised an investment of $1.3 billion, led by Brookfield and GPSC, to expand its green hydrogen initiatives.
Avaada has also partnered with Tata Steel SEZ.
Prior to this, Avaada Group partnered with Tata Group's Tata Steel SEZ to establish a cutting-edge Green Hydrogen and Ammonia manufacturing unit at Gopalpur Industrial Park, Odisha.
The company has also partnered with REC Limited to fund its energy transition projects.