Avaada Energy has won 1,400 MW DC solar project from NHPC Limited at a tariff of Rs 2.53 per kWh. The project has been won under tariff-based competitive bidding process. Avaada Energy will sign power purchase agreement with NHPC Limited for a period of 25 years. The project is expected to be commissioned within 24 months. Once operational, the solar plant is estimated to generate approximately 2,500 million units of clean power annually, making a substantial contribution to India’s clean power provision and supplying power to nearly 1.8 million rural households. The project is anticipated to reduce carbon emissions of over 2.3 million tonnes per year.
In October 2023, Avaada Group and Gopalpur Port Limited signed a MoU for setting up a green ammonia storage facility at the Gopalpur port. In the same month, Avaada Group signed a MoU with REC Limited for financing its energy transition projects in Odisha. As a part of the MoU, Avaada Group would receive the funding support of Rs 150 billion from REC Limited.