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Avaada Energy, part of the Avaada Group, said on Friday that it has secured 1,400 megawatt peak (MWp) in solar energy projects through recent tenders by Central and State government agencies. The company secured these capacities on tenders quoted by Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam (GUVNL) and NTPC.
“Marking a significant stride in India’s renewable energy journey, Avaada Energy has secured capacities of 421 MW, 280 MW and 700 MW in tenders issued by SECI, GUVNL, and NTPC, respectively,” the firm said.
These projects, slated for development in Gujarat and Rajasthan, underscore Avaada’s commitment to expanding its renewable energy footprint across the nation, it added.
Upon finalisation, the Power Purchase Agreements (PPAs) with these agencies will span 25 years, highlighting a long-term commitment to sustainable energy generation. The SECI, GUVNL and NTPC projects are anticipated to be completed within a 24-month timeframe.
Annual output
The solar installations are expected to generate an estimated annual output of about 2,410 million units (MU) of renewable energy, effectively powering over 1.72 million rural households in India. The initiative is projected to contribute significantly to reducing carbon emissions, with an expected annual CO2 reduction of around 2.24 million tonnes each year, aligning with India’s climate objectives, Avaada Energy said.
Avaada Group Chairman Vineet Mittal said: “Securing these solar projects highlights Avaada Energy’s role as a frontrunner in India’s renewable energy sector. With these latest additions, Avaada’s portfolio now includes around 6 gigawatts (GW) of projects under various stages of development, adding to our operational capacity of about 4.1 GW. This milestone not only reinforces Avaada’s industry leadership but also our commitment to sustainable energy solutions that support India’s green energy goals.”
The Avaada Group’s renewable energy generation arm aims to achieve an installed capacity of 11 GW by 2026. Avaada has already secured investments, including a recent equity raise of $1.3 billion in early 2023, a $1-billion commitment from Brookfield’s Energy Transition Fund as well as $300 million from GPSC and PTT Group of Thailand.
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