Delhi: Avaada Energy, an arm of Avaada Group has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project.

The company has won 200 MW under base capacity at a tariff of ₹2.75/kWh and another 200 MW under green shoe option at a tariff of ₹2.71/kWh from GUVNL under 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 approx. 6,88,940 tons of CO2 equivalent emissions annually. This solar project has the potential to provide green power to ~5 Lacs households.

As per the bid terms, the solar power generated from the project will be supplied to GUVNL for 25 years, and the projects will be commissioned within 18 months from the date of execution of the Power Purchase Agreements (PPAs). DeshGujarat