Avaada Energy Bags 421 MW Solar Project For Damodar Valley Corp
- The plant is expected to generate about 750 million units annually which will help reduce 6,98,250 tons of CO2 equivalent emissions annually
New Delhi: Avaada Energy on Friday said it has won the bid for 421 MW (DC) ISTS-connected Solar PV in an auction conducted by RECPDCL on behalf of Damodar Valley Corporation (DVC).
“The project was awarded through competitive bidding, followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs. 2.70 / kWh (~US$ 0.03)," the company said in a statement.
As per bid terms, PPA will be inked between two entities for 25 years, and the project will be commissioned within 18 months.
The plant is expected to generate about 750 million units annually which will help reduce 6,98,250 tons of CO2 equivalent emissions annually. The solar project can potentially power 5 lakh households with green energy.
Vineet Mittal, chairman of Avaada Group, said, “India is one of the fastest-growing markets for renewable energy globally. With ambitious targets and commitments to a green future, we are confident that massive opportunities will unlock. At Avaada, we endeavour to contribute to clean energy development and ensure a sustainable future for posterity. We consider this a victory for us at Avaada Group and for stakeholders‘ vision for a green & sustainable world."
Avaada Group is an integrated energy company with business interests ranging from the manufacturing of solar modules and electrolyzers to renewable power generation, green hydrogen, and green ammonia production.
Damodar Valley Corporation is a leading central government PSU and generates and distributes power in the Damodar River area, spread across Jharkhand and West Bengal in Eastern India.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
No Network
Server Issue
Internet Not Available
" + planName + ""; /* current plan info ends */ /* next billing html starts */ if (planData.next_billing_at != "" && planData.next_billing_at != "null" && typeof planData.next_billing_at != "undefined") {billingCycleText = "Next Billing Date : "; nextActivationDate = planData.next_billing_at; } else if (planData.expires_at != "" && planData.expires_at != "null" && typeof planData.expires_at != "undefined") {billingCycleText = "Expiry date : "; nextActivationDate = planData.expires_at; } else {billingCycleText = "Expiry date : "; nextActivationDate = planData.current_term_ends_at; } var nextBillingMonth = new Date(nextActivationDate).toDateString().split(" ")[1]; var nextBillingDay = new Date(nextActivationDate).getUTCDate(); var nextBillingYear = new Date(nextActivationDate).getFullYear(); var nextBillingHtml = nextBillingDay ? "" + billingCycleText + nextBillingDay + " " + nextBillingMonth + " " + nextBillingYear + "
Labour's Winning Streak: Momentum Builds In The 2024 Local Elections
As the 2024 local elections unfold, Labour has emerged as a formidable force, securing a series of significant victories... Read more
Revisiting Campus Conflict: Rethinking The Role Of Law Enforcement Amidst Student Protests
Recent clashes between protesters and law enforcement at Columbia University and other American campuses have sparked re... Read more
Pro-Palestinian Protests Surge: Unveiling Fault Lines On American Campuses
In recent months, American universities have become the focal points of escalating pro-Palestinian protests, with events... Read more
Hong Kong Introduces Groundbreaking Cryptocurrency ETFs For Retail Investors
Hong Kong has entered a new era in the realm of cryptocurrency investments with the recent introduction of the first spo... Read more
UK's Local Elections 2024: A Decisive Political Landscape Shift
In the spring of 2024, the United Kingdom witnessed a pivotal moment in its democratic process as local elections unfold... Read more
The Fragile Lifeline: America's Aid To Ukraine Amidst Political Struggles
Amidst escalating tensions with Russia, the United States has once again extended a vital lifeline to Ukraine in the for... Read more