Avaada Energy acquires 1,400 MWp solar project in India
The power purchase agreement will span 25 years.
India-based Avaada Energy won the bid for the largest solar project in India, with 1400 MWp, through an e-Reverse auction led by NHPC Ltd., the Renewable Energy Implementing Agency of the Government of India.
In a statement, the project showed Avaada Energy's commitment to competitive pricing with a winning tariff of Rs. 2.53 per kWh (~$0.0304).
The ensuing Power Purchase Agreement (PPA) will last 25 years, with the ambitious project slated for completion within a 24-month timeframe.
The solar facility is expected to produce an estimated 2500 million units of renewable energy each year, contributing significantly to India's green energy supply and powering nearly 1.8 million rural households.
The environmental impact of this initiative has an expected annual reduction of over 2.3 million tons of CO2 emissions.