Avaada Energy Will Supply 560 MW Solar Power To MSEDCL

Avaada Group Secures Rs 315 Cr Financing For Karnataka Solar Project

Mumbai based renewable energy company Avaada Energy has now bagged a 560 MWdc solar power project under which it will supply green electricity to Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). The tariff decided is Rs 2.88 per unit and the order is bagged by Avaada through an e-reverse auction done by MSEDCL.

This followed the competitive bidding process. Avaada was declared as the winner in the auctions for a quoted tariff of Rs 2.88/ kWh.

Under the scheme of things, a power purchase agreement (PPA) will be inked between Avaada and MSEDCL for a period of 25 years. As per a statement released, the commissioning of the solar power project will take place within 18 months.

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The solar power project will be producing approximately 951 million units (MU) every year that can supply green electricity to nearly seven lakh households. This is enough to 8,85,563 tonnes of carbon dioxide equivalent emissions per year.

Vineet Mittal, Chairman, Avaada Group, said, “Maharashtra is Avaada’s Karmabhumi and we have a long association with the state. The state has always been at the forefront of Avaada’s journey in the power sector. Undoubtedly, it is growing abreast in the green energy sector, and I am certain that its ambitious targets and commitments to a green future will unlock massive opportunities for industry leaders.”

Avaada Energy is the renewable energy arm of Avaada Group. The group claims to be a leading integrated energy enterprise with business interests across the energy transition value chain in India.

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In September 2022, MSEDCL announced the names of NTPC RE and Avaada Energy as the winners for a 500 MW grid-connected intrastate or interstate solar project power purchase auction.

It recently bagged the 421 MW (DC) ISTS-connected solar PV bid in an auction conducted by REC Power Development and Consultancy Limited (RECPDCL). The Group has also appointed Kishor Nair as Chief Executive Officer (CEO) for Avaada Energy.