Renewable energy leader Avaada Energy announced on Thursday that it has been awarded a Letter of Intent (LoI) by the Gujarat Urja Vikas Nigam Limited (GUVNL) to establish a 400 MW (DC) solar project in Gujarat. Under the tariff-based competitive bidding process followed by an e-Reverse auction, Avaada Energy secured 200 MW of base capacity at a tariff of Rs 2.75/kWh, along with an additional 200 MW through the green shoe option at a tariff of Rs 2.71/kWh.
As per the terms of the bid, the solar power generated from this project will be supplied to GUVNL for a duration of 25 years. The project is expected to be commissioned within 18 months from the date of executing the Power Purchase Agreements (PPAs). With the potential to provide green power to approximately five lakh households, this solar project is a significant step towards achieving sustainable and clean energy goals.
Kishor Nair, CEO of Avaada Energy, expressed his satisfaction with the order, stating, “This is another feather in our cap as winning the project in Gujarat will further strengthen our renewable energy footprint in the state. We are committed to making a significant contribution to the country’s journey towards building a sustainable future.”
The collaboration between Avaada Energy and GUVNL reinforces the commitment of both entities towards promoting renewable energy adoption in Gujarat. As a leading player in the renewable energy sector, Avaada Energy has established a strong presence across various states in India, contributing significantly to the nation’s clean energy transition. The company’s expertise in developing and operating utility-scale solar projects makes it a valuable partner for GUVNL in achieving its renewable energy targets.
Gujarat has been at the forefront of India’s renewable energy sector, with its favorable solar irradiation levels and supportive policies attracting significant investments. The state’s commitment to renewable energy is evident in its efforts to encourage the development of large-scale solar projects through competitive bidding processes. By securing the 400 MW solar project, Avaada Energy adds another milestone to its growing portfolio of renewable energy installations in Gujarat.
The project’s successful implementation will not only contribute to reducing carbon emissions but will also generate employment opportunities and drive economic growth in the region. The solar project’s construction and operation will require skilled manpower, thereby creating jobs and supporting local communities.
The long-term agreement between Avaada Energy and GUVNL to supply solar power for 25 years ensures a stable and sustainable source of energy for Gujarat. It aligns with India’s ambitious renewable energy targets and demonstrates the commitment of both parties towards achieving a greener and more sustainable future.
Avaada Energy’s track record of delivering successful solar projects, coupled with its expertise in operations and maintenance, will play a crucial role in ensuring the seamless operation of the 400 MW solar project. The company’s commitment to quality, reliability, and efficiency will contribute to the overall success of the project and bolster Gujarat’s position as a leading state in renewable energy adoption.
The partnership between Avaada Energy and GUVNL marks a significant step forward in Gujarat’s renewable energy landscape. The state’s commitment to clean and sustainable energy sources is exemplified by its support for large-scale solar projects through competitive bidding processes.
Avaada Energy, with its extensive experience and expertise in the renewable energy sector, is well-positioned to deliver this ambitious solar project successfully. The company’s track record of developing and operating utility-scale solar installations across India gives confidence in its ability to meet project timelines and deliver optimal performance.
In conclusion, Avaada Energy’s receipt of the LoI from GUVNL for the 400 MW solar project in Gujarat is a significant achievement. The project not only reinforces the company’s commitment to renewable energy but also strengthens its presence in Gujarat’s thriving solar sector. With the potential to power numerous households and contribute to a sustainable future, Avaada Energy continues to play a pivotal role in India’s clean energy transition.
