New Delhi, July 30 -- Avaada Group has signed a memorandum of understanding (MoU) with the government of Bihar to develop 1 gigawatt (GW) of renewable energy projects across the state.

Under the terms of the agreement, Avaada will invest Rs.5,000 crore to build an aggregate 1 GW of capacity across various formats, including ground-mounted solar, floating solar, community solar plants, and battery storage projects. The state government will assist the company in securing required approvals and clearances from relevant state departments, according to a company statement.

The announcement follows the Bihar government's launch of a new renewable energy policy earlier this month, aimed at attracting investments worth Rs.1.5 trillion. The pol...