New Delhi: Avaada Energy on Thursday announced that it has bagged a 1050 MWp (megawatt peak) solar project in a recent tender issued by state-run power producer NTPC.
The company has secured the solar project at a competitive tariff of ₹2.69 per kWh, which is expected to be completed within 24 months of signing the 25-year power purchase agreement (PPA).
With this, Avaada Energy has reached a portfolio of 15 GWp in India, it said in a statement.
Vineet Mittal, chairman of Avaada Group, said, “We are incredibly proud to have won the single largest bid of 1050 MWp from NTPC. This achievement not only highlights our capability to execute large-scale renewable energy projects but also reinforces our commitment to supporting India’s transition to a sustainable energy future. Crossing over 15 GWp portfolio is a testament to our team’s hard work, innovative approach, and dedication to excellence.”
Megawatt peak refers to the maximum power output capacity of a project. It is used in the case of solar, as the power output varies through the day depending on the sunlight.
Upon commissioning, the solar project is expected to generate approximately 1,800 million units of renewable energy annually, significantly contributing to India’s green energy supply and powering more than 12,00,000 households.
Big on carbon reduction
The statement said that the project is expected to play a significant role in reducing carbon emissions, with an expected annual CO2 reduction of approximately 16,81,200 tonnes, aligning with India’s climate objectives. This project will add substantial value to Avaada’s growing footprint in the renewable energy landscape.
Avaada Group is present in renewable energy generation, manufacture of solar photo-voltaic modules, development of green fuels including green ammonia, green methanol and sustainable aviation fuel, and energy storage solutions.
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Published: 23 May 2024, 09:49 PM IST