Avaada wins 300 MW of solar with $0.036/kWh bid

Indian developer Avaada has emerged as one of the winners in a 500 MW solar auction (phase eight) held by Maharashtra State Electricity Distribution Co. (MSEDCL). It won 300 MW of PV capacity at a tariff of INR 2.83/kWh ($0.036).

The developer can connect the projects to the inter-state or intra-state grid, anywhere in India. It will supply the generated power to MSEDCL through the state grid in Maharashtra on a long-term basis.

Avaada recently won 25 MW win in another 500 MW solar auction (phase seven) by MSEDCL in August. It secured 25 MW at a tariff of INR 2.91/kWh.

“By winning the MSEDCL auctions for a total of 325 MWac capacity, we are well on our way to achieving our targeted renewable energy capacity of 5 GW by the end of FY 2022-23 and 11 GW by the end of 2025,” said Avaada Chairman Vineet Mittal.

The projects must be commissioned within 18 months from the date of the signing of the power purchase agreement. In addition, the projects must achieve financial closure within 12 months.

Avaada aims to reach 11 GW by 2025 and 30 GW by 2030. It has a manufacturing facility with an annual capacity of 5 GW for cells and modules, with commercial production expected to start by early next year. Avaada plans to scale up its PV manufacturing to 10 GW by 2030, with backward integration into polysilicon, ingots, and wafers.