Avaada Energy, an arm of Avaada Group, has been awarded a 200 MW (DC) solar power project by Gujarat Urja Vikas Nigam Ltd (GUVNL). It secured this project at a record-low tariff of INR 2.75 ($0.033)/kWh.
The project was awarded through competitive bidding, followed by an e-Reverse auction held by GUVNL. As per bid terms, GUVNL will sign a 25-year power purchase agreement with Avaada Energy.
The project is scheduled for commissioning within 18 months. When operational, it will produce 370 million units of electricity per year, leading to a reduction of approx. 3,44,470 tons of CO2 equivalent emissions annually.
Avaada Group is an integrated energy enterprise in India, with business interests ranging from the solar module and electrolyzer manufacturing to renewable power, green hydrogen, and green ammonia production.
GPSC, a subsidiary of PTT Group, a leading Thailand-based conglomerate, is a strategic investor in Avaada Energy.
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