The solar facility is projected to produce 2,500 million units of renewable energy each year, contributing significantly to India's green energy supply
Avaada Energy announced on Tuesday that it has secured a 1,400 MW solar project through a tariff-based competitive bidding process hosted by NHPC Ltd., a state-run hydropower company.
The winning tariff for the project, which was awarded through an e-reverse auction, is Rs 2.53 per kWh, demonstrating Avaada Energy's commitment to competitive pricing, according to a company statement.
Avaada Energy, a significant player in the diversified portfolio of the Avaada Group, is pleased to announce its latest achievement of 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, as stated in a company release.
The power purchase agreement will cover a 25-year period, with the project expected to be completed within 24 months. Once operational, the solar facility is anticipated to generate approximately 2,500 million units of renewable energy annually, significantly contributing to India's green energy supply and providing electricity to nearly 1.8 million rural households.
The project's environmental impact is equally noteworthy, with an anticipated annual reduction of over 2.3 million tonnes of CO2 emissions, underscoring Avaada Energy's role in promoting sustainable practises and supporting India's climate goals.
Chairman of the Avaada Group, Vineet Mittal, stated in the release, "This project is not only a win for Avaada but also a significant step forward for India's renewable energy ambitions, and we are excited to be at the forefront of this movement."