Avaada Energy: GUVNL nod to Avaada Energy for 400 MW solar project – Times of India

AHMEDABAD:

Renewable energy major Avaada Energy on Thursday announced that it has received a letter of intent (LoI) from the Gujarat Urja Vikas Nigam Limited (GUVNL) to set up a 400 MW (DC) solar project in Gujarat. The company has won 200 MW under base capacity at a tariff of Rs 2.75/kWh and another 200 MW under green shoe option at a tariff of Rs 2.71/kWh from GUVNL under tariff-based competitive bidding process followed by an e-Reverse auction.
As per the bid terms, the solar power generated from the project will be supplied to GUVNL for 25 years, and the projects will be commissioned within 18 months from the date of execution of the Power Purchase Agreements (PPAs). The solar project has the potential to provide green power to some five lakh households.
Commenting on the order, Kishor Nair, CEO, Avaada Energy, said, “This is another feather in our cap as winning project in Gujarat will further strengthen our renewable energy footprints in the state. We shall strive to continue making significant contribution in the country’s journey towards building a sustainable future.”