Avaada Group has inked a memorandum of understanding (MoU) with state-run REC for setting up a green hydrogen and green ammonia hub in Gopalpur, Odisha.
The non-banking financial company (NBFC) in the power sector has entered into an agreement with the Avaada Group, pledging Rs 15,000 crore for an upcoming green hydrogen and ammonia facility in in Odisha, which is poised to make a substantial contribution to the green energy landscape in the State, REC said on Monday.
Apart from Avaada, the Maharatna company also inked a partnership with the Acme Group to provide funding of ₹16,000 crore for a green hydrogen and ammonia facility in Gopalpur. This initiative underscores the importance of sustainable and clean energy solutions for the future, REC said.
Besides, REC and Odisha Power Generation Corporation (OPGC) have joined forces to finance Rs 9,538 crore for the development of Unit 5 & 6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha. This collaboration will contribute significantly to the State’s power generation capacity and energy infrastructure.
These MoUs collectively represent a financial commitment of ₹40,358 crore over the coming years in Odisha. REC’s dedication to the region’s progress, combined with its partnerships with OPGC, Acme Group, and Avaada Group, will play a pivotal role in enhancing energy infrastructure, promoting sustainable practices, and generating economic growth in Odisha.
Tags: Avada Group, Green Hydrogen, REC
Recent Posts
The Liberian Registry and Korean Register (KR) grant AiP to Samsung
To satisfy decarbonization targets, Big Oil invests billions in the manufacture of biofuel
ISO issues standards for methanol as a marine fuel
Amazon, partners to test electric trucks on a freight corridor in India
Hutchison Ports BEST receives Lean and Green award for outstanding emissions reduction
India ranks 10th in list of 60 countries assessed for efforts to fight climate change: Report
SECI to collaborate with H2Global for green hydrogen
Maersk completes first large container vessel conversion to dual-fuel