Avaada Energy Gets LoI for 400 MW Solar Project from GUVNL

Avaada Group Secures Rs 315 Cr Financing For Karnataka Solar Project

Avaada Energy, an arm of Avaada Group, an integrated energy group with business interests in renewable power generation, solar module manufacturing, electrolyser manufacturing and green ammonia production, has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project.

The company has won 200 MW under base capacity at a tariff of ₹2.75/kWh and another 200 MW under the greenshoe option at a tariff of ₹2.71/kWh from GUVNL. The project has been won under tariff-based competitive bidding process followed by an e-Reverse auction.

Post commissioning, the plant will produce 740 million units of green electricity per year, leading to a reduction of approx. 6,88,940 tons of CO2 equivalent emissions annually. This solar project has the potential to provide green power to 5 Lacs households.

As per the bid terms, the solar power generated from the project will be supplied to GUVNL for 25 years, and the projects will be commissioned within 18 months from the date of execution of the Power Purchase Agreements (PPAs).

Speaking on the project win, Kishor Nair, CEO of Avaada Energy, said, “This is another feather in our cap as winning project in Gujarat will further strengthen our renewable energy footprints in the state. We shall strive to continue making significant contribution in the country’s journey towards building a sustainable future.”

In 2021, GPSC, a subsidiary of PTT Group, a leading Thailand-based conglomerate, invested in Avaada Energy and is a strategic investor.

Recently, GUVNL has also awarded a 200 MW solar power project to Avaada Energy at a tariff of Rs 2.75 per Kilo-Watt-Hour (KwH). More recently, the firm had bagged 200 MW of capacity at Rs 2.62 per kWh in a 1 GW RUVNL tender.