Avaada Energy secured the sale of a high-capacity solar power plant following NTPC’s call for tenders, and it has passed the 15 GWp mark in India.
Domestic renewable energy producer Avaada Energy announced today that it had secured a contract for a 1,050 MWp solar power plant in a tender led by the Renewable Energy Implementing Agency (REIA) of the National Thermal Power Corporation (NTPC).
The company has finalized the sale of the large-scale solar power plant at a competitive rate of US$0.032 per kWh. This project is expected to be completed within 24 months of signing a 25-year energy purchase agreement.
Once commissioned, the solar power plant is projected to produce about 1,800 million units of renewable energy annually, supplying green energy to over 1,200,000 households in India.
Furthermore, the project is anticipated to curb carbon emissions, aiming for an annual reduction of approximately 1,681,200 tonnes of CO2, aligning with national climate objectives.
The company, a subsidiary of the Avaada Group, sees this as its largest contract to date, which will bolster its presence in the country’s renewable energy sector. This also marks the milestone of its energy purchase agreements for over 15 GWp highlighting Avaada Energy’s focus on developing cost-effective large-scale renewable energy projects.
According to Mr Vineet Mittal, Chairman of Avaada Group, until 2023, their 2022 project with a total capacity of 1,250 MWp located in the State of Rajasthan, was the “largest project in the world ever developed by an independent energy producer.” He is hopeful that this new project with NTPC will support India’s transition to a sustainable future.
Avaada Group focuses on renewable energy, solar panel manufacturing, green fuel development (like green ammonia, methanol, and sustainable aviation fuel), and energy storage solutions. It has also received multi-million dollar investments from international organisations.
Its subsidiary Avaada Energy targets 11 GWp capacity by 2026 and has also ventured into agrivoltaics in Maharashtra, supporting sustainable agriculture.
