Avaada Energy has secured a PPA for its 1050MWp solar project following a tender issued by Indian state utility the National Thermal Power Corporation (NTPC).
The company has secured a tariff of US$0.032 per kWh, which is expected to be completed within 24 months of signing the 25-year agreement.
Vineet Mittal, chairman of Avaada Group, said: “We are incredibly proud to have won the single largest bid of 1050MWp 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 15GWp portfolio is a testament to our team’s hard work, innovative approach, and dedication to excellence.
“My confidence in taking bigger bets increased after successfully completing the 1250MWp project at a single location in Rajasthan in 2022, which until 2023 was the single largest project developed by an IPP in the world.
“As Avaada, we also ventured into Agri Voltaic Solar solutions in the state of Maharashtra, further diversifying our portfolio and contributing to sustainable agricultural practices.
“We remain committed to driving the growth of renewable energy in India and contributing to a greener planet.”
Upon commissioning, the solar project is expected to generate approximately 1800 million units of renewable energy annually, significantly contributing to India’s green energy supply and powering more than 12,00,000 households.