Avaada Energy, a key entity in the Avaada Group’s renewable energy division, announced its successful acquisition of approximately 1400 MWp in solar energy projects through recent tenders by central and state government agencies in India.
Marking a significant stride in India’s renewable energy push, Avaada Energy has secured capacities of 421 MW, 280 MW, and 700 MW in tenders issued by state-owned agencies SECI, GUVNL, and NTPC, respectively. Avaada said the projects, slated for development in the states of Gujarat and Rajasthan, underscore the firm’s commitment to expanding its renewable energy footprint across the nation.
Upon finalisation, the Power Purchase Agreements (PPAs) with these agencies will span 25 years, highlighting a long-term commitment to sustainable energy generation. The SECI, GUVNL, and NTPC projects are anticipated to be completed within a 24-month timeframe.
These solar installations are expected to generate an estimated annual output of ~2,410 million units of renewable energy, effectively powering over 1.72 million rural households in India. This initiative is projected to contribute significantly to reducing carbon emissions, with an expected annual CO2 reduction of ~2.24 million tonnes each year, aligning with India’s climate objectives.
Commenting on the deals Vineet Mittal, Chairperson of Avaada Group said: “Securing these solar projects highlights Avaada Energy’s role as a frontrunner in India’s renewable energy sector. With these latest additions, Avaada’s portfolio now includes ~6 GW of projects under various stages of development, adding to our operational capacity of ~4.1 GW. This milestone not only reinforces Avaada’s industry leadership but also our commitment to sustainable energy solutions that support India’s green energy goals.”