Indian renewable energy company Avaada Energy has been awarded a 1.05GW solar capacity project in an auction by the country's National Thermal Power Corporation (NTPC)'s Renewable Energy Implementing Agency.
The project, secured at a competitive tariff of $0.032 per kilowatt hour (kWh), is set for completion by 2026 following the signing of a 25-year power purchase agreement (PPA).
The 1GW solar project will add 1.8 billion units of renewable energy annually to India's green supply, and will power 1.2 million homes.
The successful bid for the project represents an enhancement to Avaada Energy's presence in the renewable energy sector.
The company has now surpassed a milestone of 15GW in India, with a portfolio comprising letters of award and power purchase agreements.
Avaada Group chairman Vineet Mittal stated: “We are incredibly proud to have won the single largest bid of 1.05GW from NTPC.
“This achievement not only highlights our capability to execute large-scale renewable energy projects but also reinforces our commitment to supporting India’s transition to a sustainable energy future.
“Crossing over [a] 15GW portfolio is a testament to our team’s hard work, innovative approach and dedication to excellence.
“My confidence in taking bigger bets increased after successfully completing the 1.25GW project at a single location in Rajasthan in 2022, which until 2023 was the single largest project developed by an IPP [independent power producer] in the world.
“As Avaada, we also ventured into agri-voltaic solar solutions in the state of Maharashtra, further diversifying our portfolio and contributing to sustainable agricultural practices. We remain committed to driving the growth of renewable energy in India and contributing to a greener planet.”
In April 2023, the Avaada Group received a $1.07bn investment from Brookfield Renewable Partners.
The funding was aimed at producing solar photovoltaic panels, developing green hydrogen and bolstering the growth of its renewable energy platform, as part of Avaada's $1.3bn fundraising efforts.
Brookfield invested through its global transition fund, while GPSC committed $68m to Avaada Energy to alleviate debt and facilitate further expansion.
