Avaada Energy bags 400 MW solar project from Gujarat Urja Vikas Nigam

Avaada Energy said on Thursday that it has secured a 400MW solar power project from Gujarat Urja Vikas Nigam Ltd.

The company did not disclose the financial details of the project.

Avaada Energy, the leading integrated power arm of Avaada Group India with business interests in renewable energy generation, solar module manufacturing, electrolyser manufacturing and green ammonia production, has received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up a power project. solar power of 400 megawatts.

The company won 200 MW under base capacity at a tariff of Rs 2.75/kWh and another 200 MW under the green shoe option at a tariff of Rs 2.71/kWh from GUVNL under a tariff-based bidding process followed by an electronic reverse. auction.

After commissioning, the plant will produce 740 million units of green electricity annually, resulting in a reduction of approximately 6,88,940 tons of carbon dioxide equivalent emissions annually.

“This is another feather in the cap for us as the winning project in Gujarat will enhance our renewable energy footprint in the state,” Kishore Nair, CEO of Avaada Energy, said in the release.

This solar project has the potential to provide green energy to about 5 residential homes. The statement added that according to the terms of the tender, the solar energy generated from the project will be provided to GUVNL for a period of 25 years, and the projects will be commissioned within 18 months from the date of implementation of the Power Purchase Agreements (PPAs).