New Delhi: Renewable energy developer Avaada Energy announced it has won 280 Megawatt Peak (MWp) capaxcity under tariff-based competitive bidding carried out by Solar Energy Corporation of India (SECI) as a part of 2 GW ISTS-connected Solar Projects (Tranche XI). The bidding allows flexibility to Avaada Energy to set up the solar power project anywhere in India and supply green electricity on long-term basis at a tariff of Rs 2.61 per unit. The project is expected to become operational within 18 months from the signing of the Power Purchase Agreement. This is the latest in a series of project awards for Avaada in the past few months including GUVNL – 400 MW, DVC – 421 MW, and RVPN – 280 MW.
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The Avaada Group, led by Vineet Mittal, is an integrated energy platform with businessinterests in manufacturing solar ingot, wafer, cells modules, and electrolysers, renewable power generation, green hydrogen, green methanol and green ammonia production. Avaada Energy, the group’s flagship company, is a renewable energy IPP. It plans to reach 11 GW of operational projects by 2026 and 30 GW by 2030. The Avaada Group’s solar manufacturing business is close to establishing a wafer, cell, and module manufacturing facility.Avaada had recently closed a funding round of $1.3 billion, including a $1 billion investment from the Canadian asset management fund Brookfield and $300 million investment from GPSC, part of the PTT Group of Thailand. This funding is aimed at boosting green hydrogen and derivative business.
ETEnergyWorld
Published On Jul 24, 2023 at 12:27 PM IST
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