Avaada Energy insures solar energy projects of 1,400 MWp from state-owned companies
Avaada Energy said Friday it has acquired more than 1,400 MWp of solar projects across the country from state-owned companies.
The company has secured projects with capacities of 421 MW, 280 MW and 700 MW in tenders from SECI, GUVNL and NTPC respectively, according to a statement.
These projects, planned for development in Gujarat and Rajasthan, underline the company’s commitment to expanding its renewable energy footprint in India, the statement said.
“Avaada Energy, a key entity in the renewable energy division of the Avaada Group, is pleased to announce the successful acquisition of approximately 1,400 MWp of solar projects through recent tenders by central and state government agencies in India,” the report said.
The power purchase agreements (PPAs) with these agencies have a term of 25 years.
These projects are expected to be completed within a period of 24 months.
Upon commissioning, these solar power plants are expected to generate an estimated annual output of approximately 2,410 million units of renewable energy, effectively powering more than 1.72 million rural households in India.
This initiative is expected to contribute significantly to reducing CO2 emissions, with an expected annual CO2 reduction of almost 2.24 million tonnes.
“With these latest additions, Avaada’s portfolio now includes approximately 6 GW of projects in various stages of development, adding to our operating capacity of approximately 4.1 GW,” Vineet Mittal, chairman of Avaada Group, said in the statement.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: February 9, 2024 | 12:15 pm IST