The electricity generated will be supplied to MSEDCL under a power purchase agreement, valid for a period of 25 years from the scheduled commercial operation date, as per the company statement.
The project—expected to be commissioned by January 2022—will generate about 525 million units annually, which will help in reducing 4,98,750 tonnes of CO2 emission per year.
Significantly, Avaada is targeting an extensive portfolio of 11 GW solar energy projects by 2025 across Asia and Africa. The latest project is in addition to 1 GW of operational capacity and 2 GW of projects under implementation.
Speaking on this development, Avaada Group chairman Vineet Mittal said, “At Avaada, we believe that business and sustainability go hand-in-hand. Being the leading Renewable Energy company of India, we are making significant investments in innovative clean energy solutions with a focus on solar energy sector.”
“On the back of India’s green energy revolution led by prime minister Narendra Modi, India will continue its exponential growth in its renewable energy (RE) sector.”