Published On:February 10 2024
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Avaada Energy Secures 1400 MWp of Solar Energy Projects

Avaada Energy Secures 1400 MWp of Solar Energy Projects

Avaada Energy, a key player in India's renewable energy sector and part of the Avaada Group, announced on Friday its successful acquisition of 1,400 megawatt peak (MWp) in solar energy projects through recent tenders issued by Central and State government agencies. These tenders were facilitated by prominent entities such as the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam (GUVNL), and NTPC.

The company revealed that it secured capacities of 421 MW, 280 MW, and 700 MW in tenders from SECI, GUVNL, and NTPC, respectively, marking a significant milestone in India's renewable energy journey. These projects, earmarked for development in Gujarat and Rajasthan, demonstrate Avaada's steadfast commitment to expanding its renewable energy footprint across the nation.

Upon finalization, Power Purchase Agreements (PPAs) with these agencies will be executed for a period of 25 years, underscoring a long-term dedication to sustainable energy generation. It is anticipated that the SECI, GUVNL, and NTPC projects will be completed within a 24-month timeframe.

These solar installations are expected to generate approximately 2,410 million units (MU) of renewable energy annually, providing power to over 1.72 million rural households in India. Moreover, the initiative is poised to make a significant impact in reducing carbon emissions, with an expected annual CO2 reduction of around 2.24 million tonnes each year, aligning closely with India's climate objectives.

Vineet Mittal, Chairman of Avaada Group, expressed pride in securing these solar projects, emphasizing Avaada Energy's leading role in India's renewable energy sector. With these recent acquisitions, Avaada's portfolio now boasts approximately 6 gigawatts (GW) of projects at various stages of development, in addition to its operational capacity of about 4.1 GW. Mittal highlighted that this milestone not only reinforces Avaada's industry leadership but also underscores its commitment to sustainable energy solutions that support India's green energy goals.

Avaada Group's renewable energy generation arm aims to achieve an installed capacity of 11 GW by 2026. The company has already secured substantial investments, including a recent equity raise of $1.3 billion in early 2023 and commitments totaling $1 billion from Brookfield's Energy Transition Fund, as well as $300 million from GPSC and PTT Group of Thailand.

HBL





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