Avaada Energy wins bid for 560 MW Solar project in Maharashtra
Avaada Energy, an arm of Avaada Group, one of India's leading integrated energy enterprise with business interests across the energy transition value chain, has recently won the 560 MW (DC) solar project bid in e-reverse auction conducted by Maharashtra State Electricity Distribution Co. Ltd (MSEDCL).
The project was awarded through competitive bidding, followed by an e-Reverse auction in which Avaada emerged as the winner with a quoted tariff of ₹ 2.88 / kWh (~$0.035), according to the company's press statement.
Speaking on this development, Vineet Mittal, Chairman of Avaada Group, said "Maharashtra is Avaada's Karmabhumi and we have a long association with the state. The state has always been at forefront of Avaada's journey in the power sector. Undoubtedly, it is growing abreast in the green energy sector, and I am certain that its ambitious targets and commitments to a green future will unlock massive opportunities for industry leaders. We view this as a significant achievement in our drive to transform the world that is eco-friendly and sustainable."
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As per bid terms, PPA will be signed between two entities for 25 years, and the project will be commissioned within 18 months. The plant is expected to generate about 951 million units annually which will help reduce 8,85,563 tons of CO2 equivalent emissions annually, claims Avaada.
The solar project can potentially power an approximate 7 lakh households with green energy, the company adds.