2GW of open access solar plants in India in development
Avaada Energy, one of the leading Independent Power Producers (IPP) in India, has commissioned over 1.8 GW of renewable assets ( Solar and Wind ) and is in the process of implementing 2 GW of open access solar plants in states like Maharashtra, Tamilnadu, Haryana, Karnataka and Orissa.
The company has a portfolio of over 500 MW of open access solar plants for leading corporates, IT, MNCs and manufacturing segment. These plants are being built for corporates who are looking to optimize their operating costs and meet their green energy needs through solar, rooftop and hybrid energy solutions. Typically, a corporate can save up to 30-50% of its electricity costs by switching to open access solar solutions.
Speaking about Avaada’s open access solar solutions, Vineet Mittal, Chairman, Avaada Energy said “ Avaada continues to contribute to India’s green energy revolution. Open access is a highly credible and economical solution for corporates looking to bring down their electricity bills and CO2 emissions significantly. We are already working with some of the leading MNCs who have committed to switch to 100% renewables.”
Avaada Energy recently raised over INR 10 billion (USD 145 million) from investors such as the Asian Development Bank (ADB), Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch Development Bank, Netherlands Development Finance Company (FMO) and Promoters.
The company has a target of developing 5 GW of renewable energy portfolio in Asia and Africa by 2022.
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