Active Stocks
Wed Jun 19 2024 15:54:35
  1. HDFC Bank share price
  2. 1,658.00 3.06%
  1. Tata Steel share price
  2. 180.05 -0.61%
  1. State Bank Of India share price
  2. 852.60 0.95%
  1. ITC share price
  2. 423.70 -1.19%
  1. ICICI Bank share price
  2. 1,144.75 1.93%
Business News/ Companies / News/  Avaada Energy secures 1,050 MWp solar power project from NTPC
BackBack

Avaada Energy secures 1,050 MWp solar power project from NTPC

The company has secured the solar project, which is expected to be completed within 24 months of signing the 25-year power purchase agreement, at a competitive tariff of ₹2.69 per kWh

With the new project, Avaada Energy has reached a portfolio 15 GWp in India.Premium
With the new project, Avaada Energy has reached a portfolio 15 GWp in India.

New Delhi: Avaada Energy on Thursday announced that it has bagged a 1050 MWp (megawatt peak) solar project in a recent tender issued by state-run power producer NTPC.

The company has secured the solar project at a competitive tariff of 2.69 per kWh, which is expected to be completed within 24 months of signing the 25-year power purchase agreement (PPA).

With this, Avaada Energy has reached a portfolio of 15 GWp in India, it said in a statement.

Vineet Mittal, chairman of Avaada Group, said, “We are incredibly proud to have won the single largest bid of 1050 MWp from NTPC. This achievement not only highlights our capability to execute large-scale renewable energy projects but also reinforces our commitment to supporting India’s transition to a sustainable energy future. Crossing over 15 GWp portfolio is a testament to our team’s hard work, innovative approach, and dedication to excellence."

Megawatt peak refers to the maximum power output capacity of a project. It is used in the case of solar, as the power output varies through the day depending on the sunlight.

Also read | Global Power Synergy Public invests $233 mn in Avaada Group

Upon commissioning, the solar project is expected to generate approximately 1,800 million units of renewable energy annually, significantly contributing to India's green energy supply and powering more than 12,00,000 households.

Big on carbon reduction

The statement said that the project is expected to play a significant role in reducing carbon emissions, with an expected annual CO2 reduction of approximately 16,81,200 tonnes, aligning with India's climate objectives. This project will add substantial value to Avaada’s growing footprint in the renewable energy landscape.

Also read |  Avaada taps Brookfield for $1 bn

Avaada Group is present in renewable energy generation, manufacture of solar photo-voltaic modules, development of green fuels including green ammonia, green methanol and sustainable aviation fuel, and energy storage solutions.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

ABOUT THE AUTHOR
Rituraj Baruah
Rituraj Baruah is a special correspondent covering energy, housing, urban affairs, heavy industries and small businesses at Mint. He has reported on diverse sectors over the last eight years including, commodities and stocks market, insolvency and real estate; with previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 23 May 2024, 09:49 PM IST
Next Story footLogo
Recommended For You