Avaada Energy bags 400 MW solar project from Gujarat Urja Vikas Nigam

Post commissioning, the plant will produce 740 million units of green electricity per year, leading to a reduction of approximately 6,88,940 tonnes of CO2 equivalent emissions, annually. (Representative Image)

Avaada Energy on Thursday said it has bagged a 400 MW solar project from Gujarat Urja Vikas Nigam Ltd.

The company did not disclose the financial details of the project.

"Avaada Energy, an arm of Avaada Group, India's leading integrated energy group with business interests in renewable power generation, solar module manufacturing, electrolyser manufacturing and Green Ammonia production, has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project," a company statement said on Thursday.

The company has won 200 MW under base capacity at a tariff of Rs 2.75/kWh and another 200 MW under a green shoe option at a tariff of Rs 2.71/kWh from GUVNL under a tariff-based competitive bidding process followed by an e-Reverse auction.

Post commissioning, the plant will produce 740 million units of green electricity per year, leading to a reduction of approximately 6,88,940 tonnes of CO2 equivalent emissions, annually.

"This is another feather in our cap as winning project in Gujarat will further strengthen our renewable energy footprints in the state," Kishor Nair, CEO of Avaada Energy, said in the statement.

This solar project has the potential to provide green power to around 5 lakh households. As per the bid terms, the solar power generated from the project will be supplied to GUVNL for 25 years, and the projects will be commissioned within 18 months from the date of execution of the power purchase agreements (PPAs), the statement added.