Avaada Energy bags 1,050 MWp solar project

Avaada Energy on Thursday said it has secured a solar project of 1,050 MWp (megawatt peak) through a bidding process.

The auction was conducted by NTPC which is a Renewable Energy Implementing Agency (REIA), Avaada Energy said in a statement.

Avaada Energy has won the single largest bid of 1,050 MWp capacity of solar project in a recent tender issued by NTPC, it said.

The company has secured the project at a tariff of INR 2.69 per kWh, which is expected to be completed within 24 months of signing the 25-year Power Purchase Agreement (PPA), Avaada Energy said.

With the latest project, Avaada has a portfolio of 15 GW projects including letters of award and PPAs in India.

Vineet Mittal, Chairman of Avaada Group, said, "We are incredibly proud to have won the single largest bid of 1,050 MWp from NTPC. Crossing over 15 GWp portfolio is a testament to our team's hard work, innovative approach, and dedication to excellence."