Indian energy conglomerate Avaada Group will develop a 1.4GW solar PV project in its home country.
The project was secured through a successful e-reverse auction bid of INR2.53 (~US$0.0304) per kWh to NHPC Ltd., the Indian government’s renewable energy procurement agency.
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Avaada said that this is the “largest” solar project ever awarded to an independent power producer (IPP) in India. A 25-year power purchase agreement (PPA) is in place with NHCP, with commercial operations expected within the next 24 months.
A precise location or details of supply deals were not provided.
Vineet Mittal, chairman of Avaada Group, said: “This landmark win is a testament to Avaada’s unwavering commitment to advancing sustainable energy solutions. We are honored 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.”
In June this year, Avaada Group closed a US$1.3 billion financing round for its solar and green hydrogen business. At the time, the company said that in addition to green energy deployments, some of the funds would support its solar manufacturing operations; in March, PV Tech covered information from Bloomberg that said Avaada was amongst the companies that bid for the Indian government’s Production Linked Incentive (PLI) scheme for solar manufacturing. That round of the PLI allocated INR195 billion (US$ 2.4 billion).