Sustainable energy company Avaada Energy on Thursday said it has secured a 560 MW (DC) solar project bid in e-Reverse auction conducted by Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The project is expected to generate approximately 951 million units of electricity annually, which will result in a significant reduction of 8,85,563 tons of CO2 equivalent emissions each year.

The project was secured via competitive bidding, followed by an e-Reverse auction, in which Avaada emerged as the winner with a quoted tariff of Rs 2.88/kWh, or approximately $0.035.

As per bid terms, Power Purchase Agreement (PPA) will be signed between two entities for 25 years, and the project will be commissioned within 18 months, Avaada Energy added.

Furthermore, Avaada Energy claims that the solar project can potentially power approximately 7 lakh households with green energy.

Also Read: PM Gati Shakti: Solar power from Ladakh to Haryana, inland waterways in North-East

Founded in 2017, Avaada Energy is a green energy developer. It works on solar energy projects, including distributed solar energy production with business interests in Solar Module Manufacturing, Electrolyser manufacturing and Green Ammonia production.

According to reports, the company bagged a 421 MW solar project from Damodar Valley Corporation (DVC) last week.

Last month, Ramkrishna Forgings announced its multi-crore investment plan to set up 85 MW renewable energy capacity in a year.

Also Read: India's first fully-integrated local production line for solar PV modules to come up by December 2024

(Edited by : Anand Singha)

First Published:Apr 13, 2023 6:12 PM IST