"Avaada Energy Plans 421 MW Solar PV Power Project in Gujarat"

Avaada Energy, the renewable energy arm of Avaada Group, has inked a significant power purchase agreement (PPA) with Damodar Valley Corporation (DVC), a state-owned enterprise operating under the Union Ministry of Power. The agreement, signed on Tuesday, paves the way for Avaada Energy to embark on the development of a 421 MWp capacity solar PV power project in Gujarat, as stated by the company in an official announcement.

The 25-year PPA was formalized between Avaada Inclean Private Limited, a wholly owned subsidiary of Avaada Energy Pvt. Ltd, and Damodar Valley Corporation at the latter’s headquarters in Kolkata.

Vineet Mittal, Chairperson of Avaada Group, expressed his enthusiasm about the collaboration, highlighting Avaada Energy’s impressive track record in the renewable energy sector. Mittal emphasized that the agreement marks a significant milestone as Avaada Energy becomes the first organization in the country to enter into a PPA under the Power Ministry’s scheme for flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Storage power. This collaboration is expected to enable DVC to provide green power to its customers at a more competitive rate while ensuring compliance with their Renewable Purchase Obligation (RPO).

DVC enlisted REC Power Development and Consultancy Limited (RECPDCL) as the bid process coordinator for selecting solar power developers to establish 500 MW ISTS-connected solar PV power projects in India under the flexibility scheme. In June 2023, Avaada Energy secured the Letter of Award (LoA) from RECPDCL for setting up ISTS-connected solar PV power projects in India through tariff-based competitive bidding, achieving a winning tariff of ₹2.70 per unit, according to the release.

HBL