"Avaada Energy Secures 1,400 MWp Solar Project"

Avaada Energy has achieved a significant milestone by securing a 1,400-megawatt power (MWp) solar project through an e-reverse auction conducted by NHPC, the central government's renewable energy implementing agency. The competitive e-reverse auction process demonstrated Avaada Energy's commitment to competitive pricing, with a winning tariff of ₹2.53 per kilowatt-hour (about $0.0304), as reported by the company, which is part of the Avaada Group.

The resulting Power Purchase Agreement (PPA) will span 25 years, and the ambitious project is expected to be completed within a 24-month timeframe. Once operational, the solar facility is projected to generate approximately 2,500 million units (MU) of renewable energy annually, making a substantial contribution to India's green energy supply and providing power to nearly 1.8 million rural households.

This initiative also boasts impressive environmental benefits, including an anticipated annual reduction of over 2.3 million tonnes of CO2 emissions, underscoring Avaada Energy's commitment to sustainable practices and its support for India's climate goals.

Avaada Group Chairman Vineet Mittal expressed his enthusiasm for this achievement, stating, "This landmark win is a testament to Avaada’s unwavering commitment to advancing sustainable energy solutions. We are honoured 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 securing the 1,400 MW solar project solidifies its position as a pioneering Renewable Energy - Independent Power Producer (RE-IPP) in India, continuously setting higher standards in the nation's renewable energy landscape.

HBL