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Avaada Energy, the renewable energy arm of Avaada Group, on Tuesday announced the signing of power purchase agreement (PPA) with Damodar Valley Corporation (DVC), a state-owned enterprise under the Union Ministry of Power.
“In this regard, the company is planning to set up a 421 MWp capacity solar PV power project in Gujarat,” the company said in a statement.
The 25-year PPA was formally signed between Avaada Inclean Private Limited, a wholly owned subsidiary of Avaada Energy Pvt. Ltd, and Damodar Valley Corporation at the latter’s headquarters in Kolkata.
Also read: NHPC bags 200 MW capacity solar power project in Gujarat
Commenting on the development, Vineet Mittal, Chairperson of Avaada Group, said, “This collaboration builds upon Avaada Energy’s track record of success in the renewable energy sector. After signing the agreement, Avaada Energy has become the first organization in the country to enter into a PPA under the Power Ministry’s scheme for flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Storage power. Furthermore, implementation of this scheme will enable DVC to provide green power to its customers at a more competitive rate and ensure compliance with their Renewable Purchase Obligation (RPO).”
DVC appointed REC Power Development and Consultancy Limited (RECPDCL) as the bid process coordinator for the selection of solar power developers for setting up 500 MW ISTS-connected solar PV power projects in India under the flexibility scheme. In June 2023, Avaada Energy secured the Letter of Award (LoA) from RECPDCL for setting up ISTS-connected solar PV power projects in India under tariff-based competitive bidding at a winning tariff of ₹2.70 per unit, the release added.
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