Avaada Energy, a force in the Indian energy sector and a key player in the Avaada Group’s diversified portfolio, is proud to announce its latest achievement: securing a 1,400 MWp solar power project through an e-auction organized by NHPC Ltd., the Renewable Energy Implementation Agency of the Government of India. This iconic project, which was won through a rigorous and competitive e-bid process, demonstrated Avaada Energy’s commitment to competitive pricing with a winning tariff of 2.53 rupees per kWh (~$0.0304).

Environmental benefits and impact on energy supply

This ambitious project plans to complete the project within 24 months, and will be spread over a period of 25 years by producing a power purchase agreement (PAC). Additionally, once operational, the solar installation is expected to produce around 2,500 million units of renewable energy annually. Contributes significantly to India’s green energy supply and powers nearly 1.8 million rural households. However, the environmental impact of this initiative is equally impressive, with an estimated reduction in CO2 emissions of more than 2.3 million tons annually. Strengthening Avaada Energy’s role in driving sustainable practices and supporting India’s climate goals.

Statement from Mr. Vineet Mittal, Chairman, Avaada Group

Mr Vineet Mittal, Chairman, Avaada Group, expressed his delight: “This historic win is a testimony to Avaada’s unwavering commitment to promoting sustainable energy solutions. However, we are honored to lead the expansion of renewable energy in India and contribute to a cleaner and more sustainable future. Indeed, this project not only represents a win for Avaada, but is also a major step forward for India’s renewable energy aspirations, and we are delighted to lead it.

Avaada Energy’s success in acquiring a 1400MW solar power project confirms its status as an independent energy producer. Renewable Energy Pioneers (RE-IPP) in India, continues to raise the bar on the renewable energy landscape in the country.

By winning a large-scale solar project in India, Avaada Energy is demonstrating its commitment to sustainable and competitive energy solutions. Additionally, this initiative will have a positive impact on the supply of green energy in India. Additionally, it will contribute significantly to the reduction of CO2 emissions, thereby supporting the country’s climate goals.