Avaada Energy, a renewable energy company, on Friday said it has acquired 1,400 MWp (megawatt peak) of solar energy projects through recent tenders by central and state government agencies.
The company did not share the acquisition price.
Avaada Energy has secured capacities of 421 MW, 280 MW, and 700 MW in tenders issued by state-owned agencies SECI (Solar Energy Corporation of India), GUVNL (Gujarat Urja Vikas Nigam) and NTPC respectively. These projects will be developed in Gujarat and Rajasthan.
Upon finalisation, the power purchase agreements (PPAs) with these agencies will span 25 years.
The SECI, GUVNL and NTPC projects are anticipated to be completed within a 24-month timeframe, the company said.
These solar installations are expected to generate an estimated annual output of 2,410 million units of renewable energy, effectively powering over 1.72 million rural households in the country. This initiative is expected to lead to an annual CO2 reduction of 2.24 milliom tonnes each year.
Vineet Mittal, chairperson of Avaada Group, said: “With these latest additions, Avaada’s portfolio now includes 6 GW of projects under various stages of development, adding to our operational capacity of 4.1 GW. This milestone not only reinforces Avaada’s industry leadership but also our commitment to sustainable energy solutions that support India’s green energy goals.”
Mittal, in a recent interview with The Financial Express, said that the group is looking to incur a capex of `15,000 crore every year in order to add to its renewable energy capacities.
The group plans to take its capacity to 11GW by 2026 and 30GW by 2030. Currently, it has an operational portfolio over 4 GWp (gigawatt peak) and an additional 5 GWp won in various auctions, he said.
Last year, Avaada group raised $1.3 billion from Canadian investor Brookfield and GPSC to fund its green hydrogen and green ammonia ventures in the country.