Avaada to grow workforce by 300% in 2 yrs

livemint.com:

Renewable energy firm Avaada Group is set to expand its workforce by nearly 3,000 employees in the next two years, Vineet Mittal, chairman and founder, Avaada said in an interview. At present, Avaada employs around 700 people. The expansion is aligned with its increasing activities in solar module manufacturing as well as green hydrogen operations.

“We will be hiring 2,000-3,000 people within two years," he said. The announcement comes just two months after the firm secured the largest funding in India’s renewable energy sector worth $1.3 billion. While Brookfield Global Transition Fund invested $1 billion, existing shareholder Global Power Synergy Public Co.

raised its stake in Avaada Energy Pvt Ltd through an infusion of $233 million. According to Mittal, the firm has operational renewable energy capacity of 4 GW, and 3 GW is under construction. It seeks to take its renewable energy capacity to 30 GW by 2030.

Apart from investing in solar and wind energy projects, it has forayed into solar module manufacturing, production of green hydrogen and its derivatives, as well as manufacturing electrolyzers, he added. As its seeks to be a ‘sand-to-molecule’ company, Avaada is in the process of setting up a 3 GW solar module manufacturing unit. It aims to take its cell-to-module capacity to 5 GW by 2025, Mittal said.

The company has also won a production-linked incentive of ₹961 crore for 3 GW of wafer-to-module capacity as part of the central government’s PLI scheme. Mint had reported that apart from captive consumption of its solar cells and modules, the company would look to cater to the requirements of solar power developers in the US and Europe. The company plans to set up a 1-million tonne per annum green hydrogen facility