Avaada Energy on Wednesday said it has secured a 1,400 megawatt power (MWp) solar project through an e-reverse auction hosted by NHPC, which is the renewable energy implementing agency (REIA) of the central government.

This milestone project won through a rigorous and competitive e-Reverse auction process, showcases Avaada Energy’s commitment to competitive pricing with a winning tariff of ₹2.53 per kWh (around $0.0304), the company, part of the Avaada Group, said.

The ensuing Power Purchase Agreement (PPA) will span a period of 25 years, with the ambitious project slated for completion within a 24-month timeframe. Upon commissioning, the solar facility is projected to produce an estimated 2500 million units (MU) of renewable energy each year, contributing significantly to India’s green energy supply and powering nearly 1.8 million rural households, it added.

The environmental impact of this initiative is equally impressive, with an expected annual reduction of over 2.3 million tonnes of CO2 emissions, reinforcing Avaada Energy’s role in promoting sustainable practices and supporting India’s climate goals.

“This landmark win is a testament to Avaada’s unwavering commitment to advancing sustainable energy solutions. We are honoured to be at the forefront of India’s renewable energy expansion and to contribute to a cleaner, more sustainable future. This project is not just a win for Avaada but a leap forward for India’s renewable energy aspirations, and we are thrilled to be leading this charge,” Avaada Group Chairman Vineet Mittal said.

Avaada Energy’s success in clinching the 1400 MW solar project cements its status as a pioneering Renewable Energy - Independent Power Producer (RE-IPP) in India, continually raising the bar in the nation’s renewable energy landscape.

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