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REC inks MoU with Avaada Group to Invest Rs 20,000 Crore

Published on July 22, 2023
Current Context: Avaada Group, a leading renewable energy company in India, has signed a memorandum of understanding (MoU) with REC, a state-run infrastructure finance company for the power sector, to invest 20,000 crore in various energy transition projects over the next five years.
REC inks MoU with Avaada Group to Invest Rs 20,000 Crore
  • The MoU was signed on the sidelines of the 4th meeting of the G20 Energy Transition Working Group (ETWG) in Goa.
  • The projects include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects.
  • The partnership aligns with the vision of ‘Atmanirbhar Bharat’ (Self-Reliant India) and the Green Hydrogen Mission advocated by Prime Minister Narendra Modi.
  • Avaada Group Chairman Vineet Mittal said that the collaboration symbolizes a monumental stride towards India’s energy self-sufficiency.

Question:

Q.1 Which two entities signed a memorandum of understanding (MoU) to invest ₹20,000 crore in energy transition projects in India?
a. Avaada Group and KFW
b. REC and Brookfield
c. Avaada Group and GPSC
d. REC and Avaada Group
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