Key Points of Avadaa Energy Solar Project:
- Avaada Energy has won a bid for a 421 MW solar project from Damodar Valley Corporation (DVC) through a highly competitive e-reverse auction.
- The quoted tariff for the project is Rs 2.70/kWh, and the power purchase agreement between Avaada Energy and DVC will be signed for 25 years.
- Once operational, the solar plant is expected to generate around 750 million units of green energy annually, which will reduce 6,98,250 tonne CO2 equivalent emissions.
- This renewable energy source has the potential to power approximately 5 lakh households, making a significant contribution towards sustainable development.
- The Chairman of Avaada Group, Vineet Mittal, expressed confidence in India’s potential for renewable energy growth and considers this a victory for the company and stakeholders.
- DVC is a central government unit that generates and distributes power in the Damodar river area, spread across Jharkhand and West Bengal.
Details of Avadaa Energy Solar Project:
Avaada Energy, a leading renewable energy company, has recently announced its successful bid for a 421 MW solar project from Damodar Valley Corporation (DVC). The bidding process involved a highly competitive e-reverse auction, and Avaada emerged victorious with a quoted tariff of Rs 2.70/kWh.
This large-scale project will be commissioned within 18 months, and the two entities will sign a power purchase agreement for 25 years. Once operational, the solar plant is expected to generate approximately 750 million units of green energy annually, thereby reducing 6,98,250 tonne CO2 equivalent emissions. This renewable energy source has the potential to power around 5 lakh households.
The Chairman of Avaada Group, Vineet Mittal, stated that “India is one of the fastest-growing markets for renewable energy globally. With ambitious targets and commitments to a green future, we are confident that massive opportunities will unlock. We consider this a victory for us and for stakeholders.”
DVC is a leading central government unit that generates and distributes power in the Damodar river area spread across Jharkhand and West Bengal. With this new project, Avaada Energy is making a significant contribution towards sustainable development and the reduction of greenhouse gas emissions.
About Avaada Energy:
Based in Mumbai, India, Avaada Energy is a green energy developer that specializes in solar energy projects, including distributed solar energy production. The company’s business interests also include Solar Module Manufacturing, Electrolyser Manufacturing, and Green Ammonia Production.
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