Avaada Energy secures 1,400 MWp solar projects from state-owned agencies

Avaada Energy on Friday said it has secured over 1,400 MWp solar projects across the country from state-owned agencies.

The company has secured projects with capacities of 421 MW, 280 MW, and 700 MW in tenders issued by SECI, GUVNL, and NTPC, respectively, according to a statement.

These projects, slated for development in Gujarat and Rajasthan, underscore the company's commitment to expanding its renewable energy footprint in India, the statement said.

"Avaada Energy, a key entity in the Avaada Group's renewable energy division, is pleased to announce its successful acquisition of approximately 1,400 MWp in solar energy projects through recent tenders by central and state government agencies in India," it said.

The Power Purchase Agreements (PPAs) with these agencies will span 25 years.

These projects are slated for completion within a timeframe of 24 months.

Upon commissioning, these solar installations are expected to generate an estimated annual output of approximately 2,410 million units of renewable energy, effectively powering over 1.72 million rural households in India.

This initiative is projected to contribute significantly to reducing carbon emissions, with an expected annual CO2 reduction of nearly 2.24 million tonnes.

"With these latest additions, Avaada's portfolio now includes approximately 6 GW of projects under various stages of development, adding to our operational capacity of approximately 4.1 GW," Vineet Mittal, Chairperson of Avaada Group, said in the statement.