Avaada Energy secures 1,050 MWp solar project in NTPC auction; It exceeds a portfolio of over 15 GWp in India

MUMBAI, India, May 30, 2024 (GLOBE NEWSWIRE) —

~ Strengthens leadership in renewable energy with a competitive tariff of $0.032 per kWh

Avaada Energy, a leading player in the renewable energy sector and a division of Avaada Group, is pleased to announce that it has achieved a historic milestone by winning the largest single bid for a 1,050 MWp solar project in a recent tender announced by Renewable Energy Implementation Agency (REIA). National Thermal Power Corporation (NTPC). This achievement highlights Avaada’s expertise and commitment to supporting India’s renewable energy goals.

The company has secured a significant 1,050 MWp solar project at a competitive tariff of $0.032 per kWh, and is expected to be completed within 24 months of signing a 25-year Power Purchase Agreement (PPA), demonstrating Avaada Energy’s commitment to delivering efficient and effective solar energy projects. renewable energy on a large scale.

In addition to this landmark victory, Avaada Energy achieved a remarkable milestone of achieving recognition letters and PPAs for over 15 GWp in India. This extensive portfolio highlights the company’s commitment to developing the renewable energy market across the country.

Commenting on this significant event, Mr. Vineet Mittal, President of Avaada Group, said: “We are incredibly proud to have won the largest single bid for 1,050 MWp from NTPC. This achievement not only highlights our ability to implement large-scale renewable energy projects, but also reinforces our commitment to support India’s transition to a sustainable energy future. Exceeding a portfolio of over 15 GWp is a testament to our team’s hard work, innovative approach and commitment to excellence.

“My confidence in taking on larger bets has increased following the successful completion of a 1,250 MWp project at a single site in Rajasthan in 2022, which by 2023 was the largest single IPP project in the world. As Avaada, we have also ventured into Agri Voltaic Solar solutions in Maharashtra, further diversifying our portfolio and contributing to sustainable agricultural practices. We remain committed to driving the growth of renewable energy in India and contributing to a greener planet.”

Once operational, the solar project is expected to generate approximately 1,800 million units of renewable energy annually, contributing significantly to India’s green energy supply and powering over 12,00,000 households.

This initiative is expected to play a significant role in reducing greenhouse gas emissions, with an expected annual reduction in CO2 emissions of approximately 16,81,200 tonnes, which will be in line with India’s climate goals. This project will add significant value to Avaada’s growing footprint in the renewable energy landscape.

About the Avaada Group

Avaada Group is at the forefront of the energy transition, committed to renewable energy generation, photovoltaic production, development of green fuels including green ammonia, green methanol and sustainable aviation fuel, as well as providing energy storage solutions. Under the leadership of Vineet Mittal, the group has become a significant global player in the energy industry. Avaada Energy, its renewable energy arm, aims to reach 11 GWp by 2026. Avaada’s strong execution capabilities and proven track record have attracted significant international investment, including a fund commitment of $1.3 billion in 2023, of which USD 1 billion will be committed by Brookfield’s Energy Transformation Fund and USD 300 million from GPSC, PTT Group from Thailand.

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