Avaada Energy Gets LoA from MSEDCL to Develop 350 MW Solar Plant in M’rashtra

Vineet Mittal-led Avaada Energy, a leading solar energy developer, has secured the Letter of Award (LoA) from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) to develop 350 MW solar photovoltaic (PV) project in the state.

Mumbai-headquartered Avaada Energy said in a statement that “it has been accorded a Letter of Award (LoA) to develop a 350 MW (DC) solar project in Maharashtra from MSEDCL.”

As per the terms of the project tender, the company will supply electricity produced through solar energy to MSEDCL under a long-term Power Purchase Agreement (PPA), which is valid for 25 years from the scheduled commercial operation date (COD).

Commenting on winning the project, Vineet Mittal, Chairman of Avaada Group, said that “at Avaada, we believe that business and sustainability go hand-in-hand. Being the leading Renewable Energy company of India, we are making significant investments in innovative clean energy solutions with a focus on the solar energy sector. On the back of India’s green energy revolution led by PM Narendra Modi, India will continue its exponential growth in its renewable energy (RE) sector.”

However, this project is expected to be commissioned by January 2022, and once operational, it is likely to generate about 525 million units per year which will help in reducing 4,98,750 tonnes of CO2 emission every year.

The company said that its solar project has the potential to power around 4.8 lakh households with green energy. Further, the project is in addition to 1 GW of the company’s operational capacity and 2 GW of projects which are currently under implementation phase.

Besides, the company has set a target for itself to achieve a portfolio of 11 GW solar energy projects by 2025 across Asia and Africa. It has also executed more than 2 GW of renewable capacities across varied geographies in the country.

Earlier, the company, which is one of the country’s leading Independent Power Producers (IPP), implemented 2 GW of open access solar plants in five states i.e. Maharashtra, Tamil Nadu, Haryana, Karnataka and Orissa. Its client base includes leading corporates, IT, MNCs and manufacturing giants.