~ Avaada Energy secures 50 MW project in competitive bidding of RECPDCL's ISTS-connected wind auction in India, offering a tariff of Rs. 3.59 (~$0.0430) per kWh to Damodar Valley Corporation (DVC Limited), the power procurer. ~
Avaada Energy, a leading force in India's energy sector and a key player in Avaada Group's diversified portfolio, is proud to announce its latest achievement - securing a 50 MW Wind Project through an e-Reverse auction hosted by REC Power Development and Consultancy Limited (RECPDCL), the Bid Process Coordinator (BPC) appointed on behalf of DVC Limited under Scheme for flexibility in Generation and Scheduling of Thermal/ Hydro Power Stations through bundling with Renewable Energy and Storage Power notified by the Ministry of Power, Govt. of India.
This milestone project, won through a rigorous and competitive e-Reverse auction process, showcases Avaada Energy's commitment to competitive pricing with a winning tariff of Rs. 3.59 per kWh (~$0.0430). Further, the Power Purchase Agreement (PPA) would be signed for 25 years, with the ambitious project slated for completion within an 18-month timeframe. Upon commissioning, the wind project is expected to produce an estimated ~170 million units of renewable energy each year, contributing significantly to India's green energy supply and powering more than a hundred thousand of rural households in India.
The environmental impact of this initiative is equally impressive, with an expected reduction of approximately 4 million tons of CO2 emissions during the PPA terms over 25 years, reinforcing Avaada Energy's role in promoting sustainable practices and supporting India's climate goals.
Avaada Energy's 50 MW wind power project is poised to have a significant positive impact on the community. By generating a multitude of job opportunities, the initiative aims to stimulate economic growth and elevate local prosperity.
Speaking on the project win, Mr. Vineet Mittal, Chairperson of Avaada Group, said, "As Avaada Energy achieves yet another milestone with the successful win of a 50 MW Wind Energy Project through a competitive e-Reverse auction, we reaffirm our unwavering dedication to India's sustainable energy landscape. This achievement is a testament to our commitment to delivering competitive pricing, further bolstering our position as a leader in the renewable energy landscape in India. We remain steadfast in our mission to power a sustainable future, while driving economic growth and transforming lives within the regions we serve."
About Avaada Group: Avaada Group is a visionary energy conglomerate with a presence across the entire spectrum of the energy transition value chain, including the production of Solar Modules, Renewable Power Generation, and the development of Green Hydrogen, Green Methanol, Green Ammonia, and Sustainable Aviation Fuel. Under the astute leadership of Mr. Vineet Mittal, the group has established itself as a significant player on the global energy stage. Avaada Energy, the group's flagship arm for renewable power generation, is on track to reach an impressive 11 GW of installed capacity by 2026. With its robust execution capabilities and a solid track record, Avaada has earned the trust of international investors, as evidenced by the successful equity raise of US $1.3 Billion, including a US $1 Billion investment commitment from Brookfield's Energy Transition Fund and $300 million from GPSC, PTT Group of Thailand.
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