A Memorandum of Understanding (MoU) between Avaada Group and the state-run REC has been signed in order to establish a green hydrogen and green ammonia hub in Gopalpur, Odisha.

An agreement between the non-banking financial company (NBFC) in the power sector and the Avaada Group commits 15,000 crore for an upcoming green hydrogen and ammonia facility in Odisha, which is expected to significantly improve the state's green energy landscape.

Avaada Group Chairman Vineet Mittal said, “We thank the government of Odisha for facilitating the comfort of renewable energy and green molecule business transactions and robust initiatives, making it an ideal destination for sustainable growth. This partnership will enable us to continue financing renewable energy projects in Odisha, which will not only contribute to the State’s sustainable development but also reinforce our renewable energy footprint in India and around the globe.”

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.