Avaada Energy announced that it has secured a 1,050 megawatt peak (MWp) solar project through a competitive bidding process conducted by NTPC, a Renewable Energy Implementing Agency (REIA). This achievement marks the company's largest single bid win to date.
Avaada Energy was awarded the project at a tariff rate of INR 2.69 per kilowatt-hour (kWh). The project is slated for completion within 24 months following the signing of a 25-year Power Purchase Agreement (PPA). With this new addition, Avaada Energy’s portfolio now boasts a total of 15 gigawatts (GW) of projects, including letters of award and PPAs across India.
Expressing his pride, Vineet Mittal, Chairman of Avaada Group, stated, "We are incredibly proud to have won the single largest bid of 1,050 MWp from NTPC. Surpassing a 15 GW portfolio is a testament to our team's hard work, innovative approach, and dedication to excellence".
Avaada Energy's achievement in securing this substantial project underscores its growing prominence in the renewable energy sector and its commitment to expanding India’s green energy capacity.