Saturday, May 18, 2024

Avaada Energy bags 421 MW solar project for Damodar Valley Corp

New Delhi: Avaada Energy on Friday said it has won the bid for 421 MW (DC) ISTS-connected Solar PV in an auction conducted by RECPDCL on behalf of Damodar Valley Corporation (DVC).

“The project was awarded through competitive bidding, followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs. 2.70 / kWh (~US$ 0.03),” the company said in a statement.

As per bid terms, PPA will be inked between two entities for 25 years, and the project will be commissioned within 18 months.

The plant is expected to generate about 750 million units annually which will help reduce 6,98,250 tons of CO2 equivalent emissions annually. The solar project can potentially power 5 lakh households with green energy.

Vineet Mittal, chairman of Avaada Group, said, “India is one of the fastest-growing markets for renewable energy globally. With ambitious targets and commitments to a green future, we are confident that massive opportunities will unlock. At Avaada, we endeavour to contribute to clean energy development and ensure a sustainable future for posterity. We consider this a victory for us at Avaada Group and for stakeholders‘ vision for a green & sustainable world.”

Avaada Group is an integrated energy company with business interests ranging from the manufacturing of solar modules and electrolyzers to renewable power generation, green hydrogen, and green ammonia production.

Damodar Valley Corporation is a leading central government PSU and generates and distributes power in the Damodar River area, spread across Jharkhand and West Bengal in Eastern India.

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