Avaada Energy wins bid for 250 MW solar-wind project in NTPC auction

Avaada Energy bags 250 MW solar-wind project in NTPC auction

Avaada Energy on Wednesday announced that it has secured a 250 MW solar-wind hybrid power project in an auction by NTPC.

The project, which can be set up anywhere in India, will be connected to the Inter State Transmission System (ISTS) network, ensuring seamless energy delivery across regions, a company statement said.

NTPC had issued a tender for the selection of hybrid power generators to supply 1,000 MW of power through ISTS-connected wind-solar hybrid projects.

Avaada Energy secured a significant 250 MW capacity during the auction, offering a competitive tariff of Rs 3.47 per kWh.

Post finalization, the forthcoming Power Purchase Agreement (PPA) with NTPC will span 25 years, with completion targeted within 24 months.

Upon commissioning, the hybrid solar-wind power project is expected to generate approximately 800 million units of renewable energy annually, significantly contributing to India's green energy supply and powering more than 5 lakh households.

This initiative is projected to play a significant role in reducing carbon emissions, with an expected annual CO2 reduction of approximately 7,47,200 tonnes, aligning with India''s climate objectives.

Vineet Mittal, Chairperson of Avaada Group, said in the statement, "We are happy to further cement our position as a leader in the renewable energy sector with this 250 MW win in NTPC's prestigious tender.''