Avaada Energy to Set Up 421 MW Solar Power Plant in Gujarat

Avaada Energy, the renewable energy arm of Avaada Group, has announced plans to set up a 421 MW solar photovoltaic (PV) power project in Gujarat. The company has signed a 25-year Power Purchase Agreement (PPA) with Damodar Valley Corporation (DVC), a state-owned enterprise under the Union Ministry of Power. The PPA was formally signed between Avaada Inclean Private Limited, a wholly-owned subsidiary of Avaada Energy, and DVC at the latter’s headquarters in Kolkata.

This collaboration builds upon Avaada Energy’s track record of success in the renewable energy sector. Avaada Energy has become the first organization in the country to enter into a PPA under the Power Ministry’s scheme for flexibility in the generation and scheduling of thermal/hydroelectric power stations through bundling with renewable energy and storage power.

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The implementation of this scheme will enable DVC to provide green power to its customers at more competitive rates and ensure compliance with their Renewable Purchase Obligation (RPO). This move is expected to have a positive impact on the environment by reducing reliance on fossil fuels and promoting the use of renewable energy.

Vineet Mittal, Chairperson of Avaada Group, said, “This collaboration builds upon Avaada Energy’s track record of success in the renewable energy sector.”

In June 2023, Avaada Energy secured a Letter of Award (LoA) from REC Power Development and Consultancy Limited (RECPDCL) for setting up ISTS-connected solar PV power projects in India under tariff-based competitive bidding at a winning tariff of INR 2.70 per unit.

Objectives of the Project

Promoting Renewable Energy: The primary objective of this project is to promote the use of renewable energy. By setting up a solar PV power project, Avaada Energy aims to harness the abundant solar energy available in Gujarat, thereby reducing dependence on non-renewable sources of energy.

Supporting National Goals: The project aligns with India's commitment to increasing its renewable energy capacity. India has set an ambitious target of achieving 175 GW of renewable energy capacity by 2022, and this project is a significant step towards that goal.

Innovation and Technology Advancement: The project will also drive innovation and technological advancement in the renewable energy sector. It will provide an opportunity to implement and test new technologies, which can then be replicated in other parts of the country.

About Avaada Energy

Avaada Energy is a leading green energy developer based in Mumbai, India. As the flagship company of the Avaada Group, it is one of India's fastest-growing renewable energy companies. Avaada Energy is committed to leading the transition towards a carbon-neutral world by harnessing clean and sustainable energy sources.

Additionally, Avaada Energy operates across various facets of the renewable energy sector. Its business interests range from manufacturing solar modules and electrolyzers to renewable power generation, green hydrogen, and green ammonia production. The company has delivered multiple solar and wind power projects across geographies.

The company has built one of the largest portfolios of solar power projects in India, with a total capacity of approximately 4 GW. It has the honor of commissioning the world's largest solar power plant with a capacity of 1.25 GW at a single site in Bikaner, Rajasthan. The company aims to reach a capacity of 30 GW by 2030.

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