The company will supply Solar power at a tariff of INR 2.61 (~$0.032)/kwh, the highest tariff among other winners of the auction
Avaada Energy, the renewable energy arm of Avaada Group – India's leading integrated energy transition group, has won the 280 MWp (Mega Watt peak) project under tariff based competitive bidding carried out by SECI as a part of SECI’s 2 GW ISTS-connected Solar Projects (Tranche XI). Bidding allows flexibility to Avaada Energy to set up the Solar Power project anywhere in India and supply green electricity on long-term at a tariff of ₹2.61 (~$0.032)/kWh. Project will become operational within 18 months from the signing of Power Purchase Agreement
This triumph follows an impressive track record in the last few months, wherein Avaada Energy won in multiple bids, securing capacities from GUVNL – 400 MW, DVC – 421 MW, RVPN – 280 MW.
Speaking on this win, Kishor Nair, CEO of Avaada Energy, said “This is yet another jewel in our crown as we broaden and intensify our footprint in India. Our commitment to making substantial contributions to India's renewable energy sector remains unflinching. I am convinced that such audacious initiatives, born from collaborations with the government, will shepherd India towards a more environmentally conscious future. We perceive these strides as victories in our pursuit of a sustainable future"
About Avaada
The Avaada Group, led by social entrepreneur Vineet Mittal, is an integrated energy platform with varied business interests. It ranges from manufacturing solar ingot, wafer, cells, modules, and electrolysers to renewable power generation, green hydrogen, green methanol and green ammonia production. Avaada Energy, the group's flagship company, is India's fastest-growing renewable energy IPP. The group 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. Additionally, the group is executing Green Ammonia projects across various regions and planning a substantial capacity addition to cater to the increasing domestic and international demand for clean fuel. Recently, Avaada clinched a monumental funding round of $1.3 billion, inclusive of 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 its green hydrogen and derivative business.
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