Avaada Group among winners of MSEDCL’s 500 MW solar auction

Avaada Group, on Monday, said it has been declared as one of the winners in an auction conducted by Maharashtra State Electricity Distribution Company (MSEDCL) to procure power from 500 megawatt (MW) grid-connected inter or intrastate solar projects (Phase-VIII) on a long-term basis.

“As per terms of the tender, the projects can be set up anywhere in India and are required to supply power to MSEDCL at the state grid, in case projects are set up in Maharashtra and Western Region periphery. Avaada Energy emerged as the winner securing a capacity of 300 MW at a tariff of ₹2.83 per kWh,” the company said in a statement.

In August this year, the MSEDCL had conducted another auction to purchase power from 500 MW of grid-connected solar projects. There too, Avaada Energy had secured a capacity of 25 MW at a tariff of ₹2.91 per kWh, it added.

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Lauding the win that would add to Avaada’s already impressive portfolio, its Chairman, Vineet Mittal said, “We are immensely proud of associating ourselves with Maharashtra Government’s sustained push for renewable energy. We consider this a victory not only for us at Avaada, but for Prime Minister Narendra Modi’s vision for a green India too.”

By winning the MSEDCL auctions for a total of 325 MW-AC capacity, the company is well on its way to achieve the targeted renewable energy capacity of 5 gigawatts (GW) by the end of FY23 and 11 GW by the end of 2025, he added.

Both the projects have a commissioning timeline of 18 months from the date of signing of the power purchase agreement and are required to achieve financial closure within 12 months.

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