(Bloomberg) -- Indian renewable power developer Avaada Group is gearing up for opportunities in foreign markets including Europe, Japan and South Korea, where the push for decarbonization is expected to spur demand for clean energy.
The company, backed by Thailand’s PTT Pcl, aims to expand renewable power capacity to 30 gigawatts by 2030 from 4 gigawatts now and launch a green ammonia unit with 1 million tons of annual production by 2026, Chairman Vineet Mittal said in an interview Wednesday.
The ambitions are in line with India’s goals of becoming a global hub for green hydrogen and ammonia. Avaada expects increased demand for clean energy globally thanks to government climate targets and domestically as factories seek to avoid a planned EU carbon tax on imported goods.
“We are going to see a huge upsurge in demand from Indian companies as well as companies in Europe,” Mittal said.
The company last month signed an initial pact to set up a 1 million ton-a-year green ammonia plant in the Indian state of Rajasthan. The company also plans to open a solar module factory next year able to produce 3 gigawatts a year and expand annual output to 5 gigawatts by 2025.
©2022 Bloomberg L.P.