Avaada Energy gets LoI for 400 MW DC solar project from GUVNL

The developer won 200 MW solar capacity at a tariff of INR 2.75 ($0.034)/kWh with an additional 200 MW under green shoe option at INR 2.71 ($0.033)/kWh through competitive bidding followed by an e-reverse auction.

June 15, 2023 Uma Gupta

Image: Goran Tek-en, Wikimedia Commons

Avaada Energy, an arm of Avaada Group, has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Ltd (GUVNL) to set up a 400 MW (DC) solar project. The developer won this PV capacity from GUVNL through a tariff-based competitive bidding process followed by the e-reverse auction.

Out of the awarded capacity, Avaada won 200 MW as base capacity at a tariff of INR 2.75 ($0.034)/kWh and another 200 MW under the green shoe option at a tariff of INR 2.71 ($0.033)/kWh.

Post commissioning, the plant is expected to produce 740 million units of green electricity per year, leading to a reduction of approx. 688,940 tons of CO2 equivalent emissions annually. The solar project has the potential to provide green power to 500,000 households.

As per the bid terms, the solar power generated from the project will be supplied to GUVNL for 25 years. The project is scheduled for commissioning within 18 months from the date of execution of the power purchase agreements (PPAs).

Avaada Group operates a renewable energy portfolio of around 4 GW with plans to reach 11 GW by 2026 and 30 GW by 2030. It has diversified into the production of electrolyzers, green hydrogen, and green ammonia. The Group has also expanded its footprint into the solar PV supply chain with the manufacturing of solar cells and modules.

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