Published On:April 18 2024
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Avaada Energy Secures 250 MW Solar-Wind Hybrid Power Project

Avaada Energy Secures 250 MW Solar-Wind Hybrid Power Project

Avaada Energy announced on Wednesday its successful bid for a 250 megawatt (MW) capacity solar-wind hybrid power project, secured through a recent tender issued by the Renewable Energy Implementing Agency (REIA), NTPC.

Previously, NTPC had invited tenders for the selection of hybrid power generators to supply 1,000 MW of power via ISTS-connected wind-solar hybrid projects.

Avaada Energy clinched a significant portion of 250 MW capacity during the competitive auction, offering an attractive tariff of ₹3.47 per kWh. The forthcoming project, eligible for establishment anywhere in India, will be seamlessly integrated into the Inter State Transmission System (ISTS) network, facilitating efficient energy distribution across various regions.

This accomplishment represents a strategic milestone for Avaada Energy, showcasing its proficiency in managing substantial hybrid renewable energy ventures. The company's acquisition of the 250 MW capacity aligns seamlessly with its expansion strategy and underscores its dedication to supporting India's transition towards a low-carbon economy, as per Avaada Energy's statement.

Upon finalization, the impending Power Purchase Agreement (PPA) with NTPC will span over 25 years, with an anticipated completion timeline of 24 months. Once operational, the hybrid solar-wind power project is projected to generate approximately 800 million units of renewable energy annually, significantly bolstering India's green energy supply and catering to the electricity needs of over 500,000 households.

This initiative is poised to play a pivotal role in curbing carbon emissions, with an estimated annual reduction of around 747,200 tonnes of CO2, in line with India's climate objectives.

Vineet Mittal, Chairperson of Avaada Group, expressed, "This project not only underscores our competitive edge in hybrid energy solutions but also reaffirms our steadfast commitment to India's energy sustainability goals. With a tariff of ₹3.47 per kWh, we are setting benchmarks in the affordability and accessibility of clean energy."

He further emphasized that this project would significantly enhance Avaada's standing in the hybrid renewable energy sector, adding substantial value to its expanding portfolio.

HBL





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