Avaada Energy has announced the winning of a 560-MW solar power project in an auction conducted by Maharashtra State Electricity Distribution Company Ltd.
In a release, Avaada Energy said that the 560-MW (DC) project was won under the tariff-based competitive bidding (TBCB) route that was followed by an e-reverse auction. The project was clinched at a tariff of Rs.2.88 per kWh.
As per bid terms, the power purchase agreement (PPA) will be signed between two entities for 25 years, and the project will be commissioned within 18 months. The plant is expected to generate about 951 million kWh annually which will help reduce 8,85,563 tonnes of CO2 equivalent emissions annually. The solar project can potentially power around 7 lakh households with green energy.
Also read: Avaada Power To Develop 500 Mw Solar Portfolio In Andhra Pradesh
Long association
According to Vineet Mittal, Chairman of Avaada Group, “Maharashtra is Avaada’s Karmabhumi, and we have a long association with the state. The state has always been at forefront of Avaada’s journey in the power sector. Undoubtedly, it is growing abreast in the green energy sector, and I am certain that its ambitious targets and commitments to a green future will unlock massive opportunities for industry leaders. We view this as a significant achievement in our drive to transform the world that is eco-friendly and sustainable.”