Avaada Energy on Tuesday said it has bagged a 1,400 MW solar project under tariff-based competitive bidding hosted by state-run hydro power giant NHPC Ltd.
The project won through an e-reverse auction process showcases Avaada Energy’s commitment to competitive pricing with a winning tariff of Rs 2.53 per kWh, as per a company statement.
“Avaada Energy, a key player in the Avaada Group’s diversified portfolio is proud to announce its latest achievement — securing a 1,400 MWp Solar Project through an e-reverse auction hosted by NHPC Ltd, the Renewable Energy Implementing Agency of the Government of India,” a company statement said.
The power purchase agreement will span a period of 25 years, with the project slated for completion within a 24-month timeframe.
Upon commissioning, the solar facility is projected to produce an estimated 2,500 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.
“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 Group Chairman Vineet Mittal said in the statement.
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