Avaada Energy Secures 1400 MWp Solar Project in India

This milestone project, won through a rigorous and competitive e-Reverse auction process, showcases Avaada Energy's commitment to competitive pricing with a winning tariff of INR 2.53 per kWh.

November 08, 2023. By News Bureau

Avaada Energy announce its latest achievement - securing a 1400 MWp Solar Project through an e-Reverse auction hosted by NHPC Ltd., the Renewable Energy Implementing Agency of the Government of India.

This milestone project, won through a rigorous and competitive e-Reverse auction process, showcases Avaada Energy's commitment to competitive pricing with a winning tariff of INR 2.53 per kWh.

The ensuing Power Purchase Agreement (PPA) will span a period of 25 years, with the ambitious project slated for completion within a 24-month timeframe. Upon commissioning, the solar facility is projected to produce an estimated 2500 million units of renewable energy each year, contributing significantly to India's green energy supply and powering nearly 1.8 million rural households.

The environmental impact of this initiative is equally impressive, with an expected annual reduction of over 2.3 million tons of CO2 emissions, reinforcing Avaada Energy's role in promoting sustainable practices and supporting India's climate goals.

Vineet Mittal, Chairman of Avaada Group, expressed his enthusiasm: "This landmark win is a testament to Avaada's unwavering commitment to advancing sustainable energy solutions. We are honored to be at the forefront of India's renewable energy expansion and to contribute to a cleaner, more sustainable future. This project is not just a win for Avaada but a leap forward for India's renewable energy aspirations, and we are thrilled to be leading this charge."

Avaada Energy's success in clinching the 1400 MW Solar Project cements its status as a pioneering Renewable Energy - Independent Power Producer (RE-IPP) in India, continually raising the bar in the nation's renewable energy landscape.

Tags:

E-Reverse auction process

Power purchase agreement (PPA)

NHPC Limited