February 21 (Renewables Now) - Indian renewable energy company Avaada Power Pvt Ltd said Wednesday it has signed a memorandum of understanding (MoU) with the government of Uttar Pradesh to develop 1.6 GW of solar projects in the northern Indian state.
The company will invest USD 1.55 billion (EUR 1.26bn) in developing the projects, which will be located across the Mirzapur, Badun, Gorakhpur and Bundelkhand districts.
The MoU, signed as part of UP Investors Summit 2018, is in line with Uttar Pradesh's annual target of 2 GW of solar capacity, as well as India's goal of 100 GW of solar by 2022.
Uttar Pradesh's current installed solar capacity stands at 569.35 MW, according to the announcement. "The state falls under high solar irradiation zone, which offers tremendous opportunities for expanding its clean energy portfolio," said Avaada chairman Vineet Mittal.
The company calculates that the planned projects could power about 7.44 million households in the state.
(USD 1 = EUR 0.811)