MUMBAI, India, May 30, 2024 (GLOBE NEWSWIRE) —
~ Strengthens management in renewable vitality with a aggressive tariff of USD 0.032 per kWh
Avaada Energy, a number one participant within the renewable vitality sector and an arm of the Avaada Group, is happy to announce that it has achieved a historic milestone by profitable a largest bid of 1050 MWp of photo voltaic mission capability in a latest tender issued by Renewable. Energy Implementing Agency (REIA) National Thermal Power Corporation (NTPC). This achievement highlights Avaada’s experience and dedication to contribute to India’s renewable vitality targets.
The firm has acquired a major 1050 MWp capability photo voltaic mission at a aggressive tariff of USD 0.032 per kWh, which is predicted to be accomplished inside 24 months of signing the 25-year Power Purchase Agreement (PPA ), which demonstrates Avaada Energy’s dedication to delivering large-scale renewable vitality initiatives effectively and successfully.
In addition to this landmark win, Avaada Energy has achieved a novel milestone by attaining Letters of Award and PPA for over 15 GWp in India. This broad portfolio highlights the corporate’s dedication to bettering the renewable vitality panorama throughout the nation.
Commenting on this vital growth, mr. Vineet Mittal, Chairman of Avaada Group, stated, “We are very proud to have received a single largest bid of 1050 MWp from NTPC. This achievement not solely highlights our means to execute large-scale renewable vitality initiatives but in addition reinforces our dedication to help India’s transition to a sustainable vitality future. Crossing the 15 GWp portfolio is a testomony to our group’s laborious work, revolutionary strategy, and dedication to excellence.
“My confidence in taking greater stakes has elevated after the profitable completion of the 1250 MWp mission at a location in Rajasthan in 2022, which until 2023 would be the largest mission undertaken by an IPP on this planet .As Avaada, we additionally enterprise into Agri Voltaic options within the state of Maharashtra, additional diversifying our portfolio and contributing to sustainable agricultural practices.We stay dedicated to driving the expansion of renewable vitality of India and contributing to a greener planet.
Upon commissioning, the photo voltaic mission is predicted to generate roughly 1800 million models of renewable vitality yearly, considerably contributing to India’s inexperienced vitality provide and powering greater than 12,00,000 houses.
This initiative is predicted to play a major function in lowering carbon emissions, with an anticipated annual CO2 discount of roughly 16,81,200 tonnes, which is consistent with India’s local weather targets. This mission will add vital worth to Avaada’s rising footprint within the renewable vitality panorama.
About Avaada Group
Avaada Group is a pacesetter in vitality transition, concerned in Renewable Energy Generation, Solar PV Manufacturing, growth of Green Fuels together with Green Ammonia, Green Methanol and Sustainable Aviation Fuel, and offering Energy Storage Solutions. Under the management of Mr. Vineet Mittal, the group has develop into a major world vitality participant. Avaada Energy, its renewable energy technology arm, goals to attain 11 GWp capability by 2026. Avaada’s robust implementation capabilities and confirmed monitor document have attracted vital worldwide funding, together with a fund dedication of US $1.3 billion by 2023, with a US $1 billion dedication from Brookfield’s Energy Transition Fund, and $300 million from GPSC, Thailand’s PTT Group.
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