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Avaada Energy, a prominent branch of the Avaada Group, has successfully secured a 250 MW solar-wind hybrid power project in a recent competitive tender hosted by the Renewable Energy Implementing Agency (REIA) under the National Thermal Power Corporation (NTPC). This achievement highlights Avaada Energy’s commitment and proficiency in bolstering India’s renewable energy initiatives.
The tender, issued by NTPC, was aimed at procuring a total of 1000 MW of power through wind-solar hybrid projects that are connected to the Inter State Transmission System (ISTS). Avaada Energy emerged as a significant participant by winning a quarter of the total capacity with a bid of INR 3.47 per kWh. The location for the project is flexible, allowing the setup anywhere in India, with the connection to the ISTS facilitating nationwide energy distribution.
The project underscores Avaada Energy’s strategic expansion and its dedication to supporting India’s shift towards a low-carbon economy. The upcoming Power Purchase Agreement (PPA) with NTPC will extend for 25 years, with the project expected to be completed within 24 months. Once operational, it is estimated to produce around 800 million units of renewable energy annually, sufficient to power over 500,000 households.
Additionally, the project is projected to reduce carbon emissions significantly, with an annual reduction of about 747,200 tonnes of CO2, thus supporting India’s climate change goals.
Vineet Mittal, Chairperson of Avaada Group, expressed his enthusiasm about the project, stating it reinforces Avaada’s leadership in hybrid renewable energy and commitment to affordable, sustainable energy solutions. This project is poised to enhance Avaada’s presence in the hybrid renewable energy sector significantly. |
