Avaada Energy Secures Record-Breaking 1050 MWp Solar Project Bid

Avaada Energy, a prominent player in the renewable energy sector and a subsidiary of Avaada Group, has achieved a significant milestone by winning the single largest bid of 1050 MWp capacity of a solar project in a recent tender issued by the Renewable Energy Implementing Agency (REIA) National Thermal Power Corporation (NTPC). This achievement underscores Avaada’s expertise and dedication to contributing to India’s renewable energy targets.

The company has secured the 1050 MWp capacity solar project at a competitive tariff of INR 2.69 per kWh. The project is expected to be completed within 24 months of signing the 25-year Power Purchase Agreement (PPA), highlighting Avaada Energy’s commitment to efficiently delivering large-scale renewable energy projects.

In addition to this record-breaking win, Avaada Energy has reached a remarkable milestone by securing Letters of Award and PPAs for over 15 GWp in India. This extensive portfolio demonstrates the company’s commitment to advancing the renewable energy landscape nationwide.

Chairman of Avaada Group, Mr. Vineet Mittal, expressed pride in the achievement, stating, “We are incredibly proud to have won the single largest bid of 1050 MWp from NTPC. This achievement not only highlights our capability to execute large-scale renewable energy projects but also reinforces our commitment to supporting India’s transition to a sustainable energy future. Crossing over 15 GWp portfolio is a testament to our team’s hard work, innovative approach, and dedication to excellence.”

Mittal also cited the successful completion of the 1250 MWp project in Rajasthan in 2022, which was until 2023 the single largest project developed by an Independent Power Producer (IPP) globally. He highlighted Avaada’s expansion into Agri Voltaic Solar solutions in Maharashtra, diversifying their portfolio and contributing to sustainable agricultural practices.

Upon commissioning, the solar project is expected to generate approximately 1800 million units of renewable energy annually, significantly contributing to India’s green energy supply and powering more than 12,00,000 households.

This initiative is projected to play a significant role in reducing carbon emissions, with an expected annual CO2 reduction of approximately 16,81,200 tonnes, aligning with India’s climate objectives. The project will further enhance Avaada’s footprint in the renewable energy landscape.