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

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

Mumbai, India, May 31, 2024 /PRNewswire/ — 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 the latest tender issued by the Energy Implementing Agency Renewable Energy Authority (REIA) National Thermal Power Corporation (NTPC). This achievement highlights Avaada’s expertise and commitment to its contributions India renewable energy targets.

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

In addition to this landmark victory, Avaada Energy achieved a remarkable milestone, earning 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 MittalPresident of the 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 deliver major renewable energy projects, but also reinforces our commitment to support India moving towards 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 supporting the development of renewable energy in India and contributing to a greener planet.”

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

This initiative is expected to play a significant role in reducing greenhouse gas emissions, with an expected annual CO2 reduction of approximately 16,81,200 tonnes, equivalent to India 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 you Vineet Mittal leadership, the group has become a significant global energy player. Avaada Energy, its renewable energy division, aims to reach 11 GWp by 2026. Avaada’s strong execution capabilities and proven track record have attracted significant international investment, including commitments from the U.S. Fund $1.3 billion in 2023 from the USA $1 billion commitment from the Brookfield Energy Transition Fund and 300 million dollars with GPSC, PTT Group of Thailand.

Website: www.avaada.com
Twitter: @avaadagroup
Facebook: @AvaadaGroup
LinkedIn: @AvaadaGroup

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SOURCE Avaada Group