Avaada Energy secured 1400 MW solar project in India

Avaada Energy said that it has bagged a 1,400 MW solar project under tariff-based competitive bidding hosted by the National Hydroelectric Power Corporation (NHPC) in India.

Secured via an e-reverse auction process, the project achieved a tariff of INR 2.53/kWh (USD 0.03/KWh). The power purchase agreement is set for 25 years, and the project is scheduled for completion within 24 months. Once operational, the solar facility is anticipated to generate approximately 2,500 million units of renewable energy annually, making a substantial contribution to India's green energy capacity and supplying power to nearly 1.8 million rural households. Notably, this initiative is poised to have a significant environmental impact, with an estimated annual reduction of over 2.3 million tons of CO2 emissions.