Avaada Energy on Tuesday announced that it will set up a 280MW (DC) solar project for Rajasthan Urja Vikas Nigam (RUVNL). The company secured the project through tariff-based competitive bidding (TBCB).
According to the bid terms, the solar power generated from the project will be supplied to RUVNL for 25 years at ₹2.62 (around $0.032) per kWh, and the project will be commissioned within 18 months, the company, part of the Avaada Group, said.
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Avaada Energy CEO Kishor Nair said, “This is another feather in our cap as we build on and expand our presence in Rajasthan. We are committed to making significant contributions to India’s green energy sector. I am certain that such ambitious projects, built with collaborations with the government, will lead India to a greener future. We view such steps as achievements in our drive towards a sustainable future.”
The plant will generate about 500 million units per annum, which will help to reduce 4,65,500 tonnes of CO2 equivalent emissions annually. The solar project can potentially power around 3.6 lakh households with green energy, he added.
Last month, Avaada Group announced that Brookfield Renewables will invest up to $1 billion in the company and the funds will be utilised to fund green hydrogen and green ammonia ventures in India. The group, which has a renewable energy portfolio of around 4GW also announced that it has raised $1.07 billion as a part of its ongoing $1.3-billion fund raise plan.
The group is also in advanced discussions with potential investors to raise another $200 million, it added.