Over the next five years, Avaada Group plans to invest Rs 1 lakh crore to scale its renewable capacity to about 30 gigawatt, expand manufacturing and storage, and list its solar arm Avaada Electro through an initial public offering

Avaada Group plans to invest Rs 1 lakh crore over the next five years to expand its renewable energy portfolio across India. The company aims to scale its renewable generation capacity to about 30 gigawatt, largely through new solar and wind power projects.

Avaada currently has about 6.1 gigawatt of operational capacity, with nearly 10 gigawatt under construction, and intends to add 4-5 gigawatt each year with annual investments of around Rs 20,000 crore.

The group will also expand its manufacturing footprint, including solar photovoltaic manufacturing, and is preparing an initial public offering for its solar photovoltaic arm, Avaada Electro, which has already filed a confidential draft prospectus with the Securities and Exchange Board of India to raise about Rs 9,000-10,000 crore.

Avaada’s expansion plan includes battery storage and possible pumped hydro projects, and it expects to hire about 10,000 additional employees over the next few years.