New Delhi: Avaada Energy, a leading renewable energy company in India, has secured a solar project to supply solar power to Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) at a tariff of Rs 2.88 per unit. The project is for 560 MW (DC) and was awarded to Avaada Energy through a competitive bidding process, followed by an e-reverse auction, in which the company emerged as the winner. The power purchase agreement (PPA) between Avaada Energy and MSEDCL will be signed for 25 years, and the project is expected to be commissioned within 18 months.
The solar project is anticipated to produce around 951 million units of electricity every year, which will help reduce 8,85,563 tonnes of CO2 equivalent emissions annually. The project can potentially provide green energy to seven lakh households. Vineet Mittal, Chairman of Avaada Group, expressed his excitement about the project, saying that “Maharashtra is Avaada’s Karmabhumi, and we have a long association with the state.”
Avaada Energy is the flagship company of the Avaada Group, which is an integrated energy enterprise with interests across the energy transition value chain. The company is known for being one of India’s fastest-growing renewable energy firms, with a strong track record of delivering large-scale renewable energy projects. Avaada Group is also involved in manufacturing solar modules and electrolysers, renewable power generation, green hydrogen and green ammonia production.
The renewable energy industry is rapidly growing in India, and the country has set ambitious targets for renewable energy generation. With the increasing demand for renewable energy, industry leaders like Avaada Energy are well-positioned to capitalize on the opportunities offered by the sector. In 2021, GPSC, a subsidiary of PTT Group, a leading Thailand-based conglomerate, invested in Avaada Energy, making it a strategic investor. This investment will further strengthen Avaada Energy’s position in the Indian renewable energy market.
