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

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.

• 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