Avaada Energy, an arm of Avaada Group, announced that it has been awarded a 200 MW (DC) solar power project by Gujarat Urja Vikas Nigam Ltd (GUVNL) at a tariff of INR 2.75 ($0.033) per kWh.
The company secured the project through competitive bidding, followed by an e-reverse auction held by GUVNL. As per bid terms, GUVNL will sign a power purchase agreement (PPA) with Avaada for 25 years. The project is scheduled for commissioning within 18 months.
When commissioned, the PV plant is expected to produce 370 million units of electricity per year, helping to offset around 344,470 tons of CO2 equivalent emissions annually. The project has the potential to p power 250,000 households.
Avaada Group is an integrated energy enterprise with business interests ranging from manufacturing solar modules and electrolyzers to renewable power generation, green hydrogen, and green ammonia production. Its renewable energy arm, Avaada Energy, has commissioned some of India’s largest renewable energy projects.
In 2021, GPSC, a subsidiary of PTT Group, a leading Thailand-based conglomerate, invested in Avaada Energy and is a strategic investor.
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