Avaada Energy has successfully secured a Power Purchase Agreement (PPA) for its 1050MWp solar project, following a tender issued by the National Thermal Power Corporation (NTPC), a state utility in India.
The company clinched the deal with a tariff of US$0.032 per kWh, and the project is slated for completion within 24 months from the signing of the 25-year agreement.
Vineet Mittal, Chairman of Avaada Group, expressed pride in winning the bid for the single largest project of 1050MWp from NTPC. He stated, “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.”
Mittal further emphasized Avaada's dedication to innovation and excellence, citing their track record of crossing over 15GWp portfolio. He also highlighted Avaada's successful completion of the 1250MWp project in Rajasthan in 2022, previously the world's largest project developed by an Independent Power Producer (IPP).
Avaada has diversified its portfolio by venturing into Agri Voltaic Solar solutions in Maharashtra, contributing to sustainable agricultural practices while driving the growth of renewable energy in India.
Upon its commissioning, the solar project is expected to generate approximately 1800 million units of renewable energy annually, significantly bolstering India's green energy supply and catering to the power needs of more than 1.2 million households.
