Indian IPP Avaada Energy is in the process of implementing 2GW of open access solar plants in states like Maharashtra, Tamil Nadu, Haryana, Karnataka and Orissa. Avaada currently has a portfolio of over 500MW of open access solar plants for various commercial and industrial companies.
These PV installations are being built for corporations who are looking to optimize their operating costs and meet their green energy needs through solar, rooftop and hybrid-energy solutions. Usually, a corporation can save up to 30-50% of its electricity costs by switching to open access solar solutions.
Vineet Mittal, chairman of Avaada Energy, said: “Avaada continues to contribute to India’s green energy revolution led by Honorable PM Narendra Modi. Open access is a highly credible and economical solution for corporates looking to bring down their electricity bills and CO2 emissions significantly. We are already working with some of the leading MNCs who have committed to switch to 100% renewables.”
Avaada Energy has raised approximately US$145 million from investors such as the Asian Development Bank (ADB), Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch Development Bank, Netherlands Development Finance Company (FMO) and others. The company plans to develop a 5GW renewable energy portfolio in Asia and Africa by 2022.