Summary:

Mr. Vineet Mittal, Founder and Chairman of Avaada Group, stated at the Abu Dhabi International Petroleum Exhibition that India aims to establish a comprehensive solar equipment manufacturing ecosystem within four to five years—a feat that has taken other countries over 20 years to accomplish. He noted that Indian firms rely on imports for solar components, hindering domestic solar industry growth. However, he expressed confidence in Avaada's plans to create a manufacturing site to produce solar panels from scratch, marking a pivotal moment in India's renewable energy sector.

He emphasized the potential of e-methanol for heavy transport and green ammonia for fertilizers, already in use in India’s Northeast. He urged the government to support green energy through measures such as a carbon market to accelerate adoption. He also stressed the importance of longterm government support, including mandates and off-take contracts, to foster hydrogen energy development. Avaada Group plans to invest in 30 gigawatts of solar and wind projects, five gigawatt-hours of battery storage, and ten gigawatt-hours of pumped hydro, all aimed at helping India meet its renewable energy targets by 2030.

Source: IBEF 

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