Page 2 - Avaada

Avaada Energy bags renewable energy project from Solar Energy Corp India

Avaada Energy on Monday said it has bagged a 280 megawatt renewable energy project from Solar Energy Corporation of India (SECI). SECI is the nodal agency of the central government for auctioning renewable energy projects. "Avaada Energy has won the 280 MWp project under tariff-based competitive bidding carried out by SECI as a part of SECI's 2 GW ISTS (inter-state transmission system ) connected solar projects (Tranche XI)," the company said in a statement. The bidding allows flexibility to Avaada Energy to set up the solar power project anywhere in India and supply green electricity on long term at a tariff of Rs 2.61/kWh (kilowatt hour). The project will become operational within 18 months from the signing of power purchase agreement (PPA), it said. The company did not disclose any financial details related to the project. As per industry standards, Rs 6-7 crore is required to set up 1 MW of green energy capacity.

REC, Avaada Group sign pact for energy projects worth Rs 20,000 crore

Rural Electrification Corporation (REC) has signed a memorandum of understanding with Avaada Group to fund its energy transition projects worth Rs 20,000 crore. The MoU was signed between REC officials and Avaada Group Chairman Vineet Mittal at the sidelines of the ongoing G20 Clean Energy Ministerial meeting in Goa. Avaada is a leading company in India's renewable energy sector. Mittal said projects, spanning across various states, will be implemented over the next two years. The total projects are worth Rs 20,000 crore. This landmark collaboration with REC symbolises a monumental stride towards India's energy self-sufficiency, he noted. "It exemplifies our staunch commitment to nurturing a sustainable future and propelling India's green energy transition," he added. Mittal said there is a project in Bihar, another in Rajasthan, and also there are projects in Maharashtra, which would be implemented over the next two years. He said that in the coming five years, Avaada is primed

India in talks to supply tonnes of green hydrogen to EU, Singapore: Report

The meeting was attended by officials from EU governments and Indian renewable companies, including Avaada Group, Renew Power and ACME Group

Avaada Energy bags 400 MW solar project from Gujarat Urja Vikas Nigam

Avaada Energy on Thursday said it has bagged a 400 MW solar project from Gujarat Urja Vikas Nigam Ltd. The company did not disclose the financial details of the project. "Avaada Energy, an arm of Avaada Group India's leading integrated energy group with business interests in renewable power generation, solar module manufacturing, electrolyser manufacturing and Green Ammonia production, has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project," a company statement said on Thursday. The company has won 200 MW under base capacity at a tariff of Rs 2.75/kWh and another 200 MW under a green shoe option at a tariff of Rs 2.71/kWh from GUVNL under a tariff-based competitive bidding process followed by an e-Reverse auction. Post commissioning, the plant will produce 740 million units of green electricity per year, leading to a reduction of approximately 6,88,940 tonnes of CO2 equivalent emissions, annually. "This is another

Avaada Energy bags 280 MW solar project from Rajasthan Urja Vikas Nigam

Avaada Energy on Tuesday said it has bagged a 280 megawatt (MW) solar project from Rajasthan Urja Vikas Nigam Limited (RUVNL). The project, bagged through a bidding process, will be commissioned within 18 months, the Avaada Group company said. As per the bid terms, the solar power generated from the project will be supplied to RUVNL for 25 years at a tariff of Rs 2.62 per kWh (kilowatt hour), it said in a statement. Avaada Energy CEO Kishor Nair said, "This is another feather in our cap as we expand our presence in Rajasthan. I am certain that such ambitious projects, built with collaborations with the government, will lead India to a greener future." The plant will generate about 500 million units per annum which will help to reduce 4,65,500 tonnes of CO2 equivalent emissions annually. The solar project can potentially power 3.6 lakh households with green energy.

Avaada Ventures secures $1.07 billion funding for expansion plans

Avaada Ventures recently signed a memorandum of understanding with the Rajasthan government worth Rs 40,000 crore for setting up a green ammonia manufacturing plant

Brookfield to invest $1 bn in Avaada Group to fund green hydrogen project

Avaada currently operates a renewable energy portfolio of 4 gigawatt (GW) with plans to reach 11 GW by 2026

Avaada Energy gets 421 MW solar project from Damodar Valley Corporation

Renewable energy company Avaada Energy on Friday said it has bagged a 421 MW solar project from Damodar Valley Corporation (DVC). The project was awarded through a competitive bidding followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs 2.70/kWh. In a statement, Avaada said "it has won the 421 MW (DC) ISTS-connected Solar PV bid in an auction conducted by REC Power Development and Consultancy Ltd (RECPDCL) on behalf of DVC." As per bid terms, a power purchase agreement will be inked between the two entities for 25 years, and the project will be commissioned within 18 months. The plant is expected to generate about 750 million units green energy annually which will reduce 6,98,250 tonne CO2 equivalent emissions. The solar project can potentially power 5 lakh households. "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 ...

First Solar, Reliance, Avaada Group among winners of $2.4 bn green aid

The 39.6 gigawatts of manufacturing capacity is expected to require investment of 930.4 billion rupees, according to a government statement

Viraj Profiles with Avaada Energy to set up 100 MW solar plant in Maha

Stainless steel maker Viraj Profiles along with Avaada Energy will set up a 100 MW solar project in Tarapur, Maharashtra. The aim is to make the captive project operational by February 2024, Viraj Profiles said in a statement on Friday. The company did not disclose financial details of the project. According to industry estimates, an investment of about Rs 5 crore is required to set up every 1 MW of solar capacity. Once commissioned, the plant will generate about 207 million units of green energy per year, which will offset approximately 182 million kilos of CO2, the statement said. "Viraj Profiles along with Avaada Energy shall set up a special purpose vehicle (SPV) to build the 100 MW captive solar plant," it said. The power generated will be used for captive consumption by Viraj Profiles' stainless steel unit in Tarapur, reducing its dependence on conventional sources by 50 per cent.

Reliance, Tata Power, others bid for Rs 19,500 cr solar incentives

The financial assistance is part of PM Modi's aim to turn the nation into a manufacturing powerhouse, creating more jobs in the economy and reducing imports that can drain foreign exchange

Thailand's Global Power System acquires 41% stake in Avaada Energy

The acquisition has been made through Global Renewable Synergy Company Ltd, a wholly-owned subsidiary of Global Power Synergy Public Company Limited

Bharti Airtel to acquire 5.2% stake in Avaada MHBuldhana for Rs 4.55 cr

Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021

Avaada Energy gets $15 mn funding from French finance institution Proparco

In April, Avaada received a total investment of over Rs 1,000 crore from Asian Development Bank, DEG, Dutch finance development company FMO and company's promoter

Avaada to raise funds abroad for solar energy projects in Vietnam, Africa

Avaada says it is looking at 5,000 Mw in solar and wind energy, both in India and abroad