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Avaada Energy wins a 300 MW solar project at a tariff of 2.83 per kWh from Maharashtra State Electricity Distribution Company (MSEDCL) on Sunday. The company bagged the order after participating in an auction conducted by MSEDCL.

The auction was held to procure power from 500 MW of grid-connected inter or intrastate solar projects (Phase-VIII) on a long-term basis.

According to the tender, the projects can be set up anywhere in India and are required to supply power to MSEDCL at the state grid in case projects are set up in Maharashtra (Intra-State projects) and Western Region (WR) periphery, as reported by PTI.

In August this year, Maharashtra State Electricity Board-backed Mahadiscom conducted another auction to purchase power from 500 MW of grid-connected solar projects (Phase VII).

During the Phase VII auction as well, Avaada Energy bagged a capacity of 25 MW at a tariff of 2.91 per kWh.

Last month, Avaada Group signed a Memorandum of Understanding with the Department of Industries and Commerce, Government of Rajasthan to set up a Green Ammonia facility and a Renewable Energy power plant in Kota. Under the MoU, an investment of 40,000 crore has been proposed while also providing direct employment opportunities to about 3,500 people and indirect jobs to over 10,500 people.

Avaada Group’s flagship company Avaada Energy is India’s fastest-growing renewable energy IPP.

Within five years, it has developed an impressive portfolio, and the firm plans to reach 11 GW by 2025 and 30 GW by 2030. Avaada Group’s solar manufacturing business comprises a state-of-the-art facility with an annual production capacity of 5 GW for cells and modules. The capacities are expected to get operational by early next year. By 2030, the group plans to scale up to 10 GW along with backward integration into polysilicon, ingots, and wafers.

Avaada aims to be a 30 GW company with an asset base of $20 billion and to impact 1 million lives by 2030. The company operates some of the largest solar and wind projects, across 11 states, in India.

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