Avaada Energy wins India’s largest solar project at auction
In a competitive auction, Avaada Energy wins the largest solar project awarded to a Renewable Energy Independent Power Producer (RE-IPP) in India, offering an economic tariff of 2.53 rupees.
| Sectors | Solar Energy, Photovoltaic |
|---|---|
| Themes | Project Development, Announcement |
Avaada Energy, a force in India’s energy sector and a key player in the Avaada Group’s diversified portfolio, is proud to announce its latest achievement: the securing of a 1400 MWp solar project in an e-auction organized by NHPC Ltd, the Government of India’s Renewable Energy Implementation Agency. This landmark project, won in a rigorous and competitive e-auction process, demonstrates Avaada Energy’s commitment to competitive pricing with a winning tariff of 2.53 rupees per kWh (~$0.0304).
Environmental benefits and impact on energy supply
The ambitious project is scheduled for completion in 24 months, and will be spread over a 25-year period with a resulting power purchase agreement (PPA). What’s more, once up and running, the solar plant is expected to produce around 2,500 million units of renewable energy every year. Making a significant contribution to India’s green energy supply, powering nearly 1.8 million rural households. However, the environmental impact of this initiative is equally impressive, with an expected annual reduction of over 2.3 million tonnes of CO2 emissions. Reinforcing Avaada Energy’s role in promoting sustainable practices and supporting India’s climate goals.
Statement by Vineet Mittal, Chairman of the Avaada Group
Mr Vineet Mittal, Chairman of the Avaada Group, expressed his enthusiasm: “This historic victory is a testament to Avaada’s unwavering commitment to promoting sustainable energy solutions. However, we are honored to be leading the expansion of renewable energy in India and contributing to a cleaner, more sustainable future. Indeed, this project represents not only a victory for Avaada, but also a major step forward for India’s renewable energy aspirations, and we’re delighted to be leading it.
Avaada Energy’s success in securing the 1400MW solar project consolidates its status as an independent power producer. Renewable Energies (RE-IPP) pioneer in India, constantly raising the bar in the nation’s renewable energy landscape.
By winning this large-scale solar project in India, Avaada Energy is demonstrating its commitment to sustainable and competitive energy solutions. What’s more, this initiative will have a positive impact on India’s green energy supply. It will also make a significant contribution to reducing CO2 emissions, thereby supporting the country’s climate objectives.
