Renewable resource company Avaada Energy has actually bagged a 560 MW solar task for providing solar energy to Maharashtra State Electrical Energy Circulation Co. Ltd (MSEDCL) at a tariff of 2.88 per system.
Avaada Energy, an arm of Avaada Group– India’s leading incorporated energy business with company interests throughout the energy shift worth chain, has actually won the 560 MW (DC) solar task quote in an e-reverse auction performed by MSEDCL, a declaration stated.
The task was granted through competitive bidding, followed by an e-reverse auction in which Avaada became the winner with an estimated tariff of 2.88/ kWh (USD 0.035).
Based on the quote terms, the PPA (power purchase arrangement) will be signed in between the 2 entities for 25 years, and the task will be commissioned within 18 months.
The plant is anticipated to produce about 951 million systems every year, which will help in reducing 8,85,563 tonnes of CO 2 comparable emissions every year.
The solar task can possibly power 7 lakh homes with green energy.
“Maharashtra is Avaada’s Karmabhumi and we have a long association with the state. The state has actually constantly been at leading edge of Avaada’s journey in the power sector. Undoubtedly, it is growing informed in the green energy sector, and I am particular that its enthusiastic targets and dedications to a green future will open huge chances for market leaders,” Vineet Mittal, Chairman of Avaada Group, stated.
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Avaada Energy is the flagship business of the Avaada Group and is among India’s fastest-growing renewable resource business.
Avaada Group is India’s incorporated energy business with company interests varying from making solar modules and electrolysers to eco-friendly power generation, green hydrogen and green ammonia production.
The renewable resource arm has actually regularly been a leading entertainer in the Indian RE area and has actually commissioned a few of India’s biggest renewable resource tasks. In 2021, GPSC, a subsidiary of PTT Group, a leading Thailand-based corporation, bought Avaada Energy and is a tactical financier.