Mumbai: Avaada Energy, an arm of Avaada Group has been awarded a 200 MW (DC) solar power project from Gujarat Urja Vikas Nigam Ltd. (GUVNL) at a record-low tariff of Rs. 2.75 (~$0.033) per kWh.

The project was awarded through competitive bidding, followed by an e-Reverse auction held by GUVNL. As per bid terms, PPA will be signed between two entities for 25 years, and the project will be commissioned within 18 months. The plant will produce 370 million units of electricity per year, leading to a reduction of approx. 3,44,470 tons of CO2 equivalent emissions annually. This solar project has the potential to provide green energy to power ~2.5 Lacs households.

Speaking on this development, Kishore Nair, CEO of Avaada Energy, said “This achievement is a testament to our commitment to advancing PM Modi’s vision of a sustainable India, wherein the country achieves net-zero emissions and fosters environmental sustainability.”