Avaada Energy secures 1,050 MWp solar project in NTPC auction

24 May 2024 CW Team

Avaada Energy announced on Thursday that it has successfully secured a solar project with a capacity of 1,050 megawatts peak (MWp) through a competitive bidding process conducted by NTPC, a Renewable Energy Implementing Agency (REIA). This bid marks the single largest award obtained by Avaada Energy in the recent tender issued by NTPC.

The company has attained this project at a tariff rate of Rs 2.69 per kilowatt-hour (kWh). It is anticipated that the project will be completed within 24 months of signing the 25-year Power Purchase Agreement (PPA), as stated by Avaada Energy in a press release.

With the addition of this latest project, Avaada Energy's portfolio now encompasses 15 gigawatts (GW) of projects, inclusive of letters of award and PPAs across India. Vineet Mittal, Chairman, Avaada Group, expressed his pride in winning this significant bid, emphasising the dedication and innovation exhibited by the team, which has contributed to surpassing the 15 GWp milestone. (ET Energy)

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