Avaada Energy gets 1050 MWp solar project from NTPC

24 May 2024 , 12:37 PM

Avaada Energy said on Thursday that it has won a 1050 MWp (megawatt peak) solar project in a recent tender conducted by the state-run electricity producer NTPC.

The company received the said solar project at a competitive cost of ₹2.69 per kWh. The project is estimated to be concluded within 24 months of signing the 25-year power purchase agreement.

Avaada Energy’s portfolio in India now stands at 15 GWp, according to a release.

Vineet Mittal, chairman of Avaada Group, said that the company is really happy to have won the single largest bid of 1050 MWp from NTPC. This success not only demonstrates our ability to carry out large-scale renewable energy projects, but it also reaffirms our commitment to assisting India’s transition to a sustainable energy future. Crossing the 15 GWp portfolio milestone demonstrates our team’s hard work, innovative strategy, and commitment to quality.

After commissioning, the solar project is estimated to generate over 1,800 million units of renewable energy per year, considerably adding to India’s green energy supply and powering over 12,00,000 homes.

According to the statement, the project is expected to play a significant contribution in reducing carbon emissions, with an estimated yearly CO2 reduction of roughly 16,81,200 tonnes, which is consistent with India’s climate targets. This project will significantly contribute to Avaada’s rising presence in the renewable energy plans.

Avaada Group is involved in renewable energy generation, the production of solar photovoltaic modules, the development of green fuels such as green ammonia, green methanol, and sustainable aviation fuel, and energy storage solutions.

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