Avaada Energy Bags 421 MW Solar Project for Damodar Valley Corporation

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Avaada Energy, an arm of Avaada Group – an integrated energy enterprise with business interests across the energy transition value chain, has won the 421 MW (DC) ISTS-connected solar PV bid in an auction conducted by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Ltd., on behalf of Damodar Valley Corporation (DVC).

DVC is a leading Central Government PSU and generates and distributes power in the Damodar River area, spread across Jharkhand and West Bengal in Eastern India.

The project was awarded through competitive bidding, followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs. 2.70 / kWh (~US$ 0.03). As per bid terms, PPA will be inked between two entities for 25 years, and the project will be commissioned within 18 months. The plant is expected to generate about 750 million units annually which will help reduce 6,98,250 tons of CO2 equivalent emissions annually. The solar project can potentially power five lakh households with green energy.

Speaking on this development, Vineet Mittal, Chairman of Avaada Group, said, “India is one of the fastest-growing markets for renewable energy globally. With ambitious targets and commitments to a green future, we are confident that massive opportunities will unlock. At Avaada, we endeavour to contribute to clean energy development and ensure a sustainable future for posterity. We consider this a victory for us at Avaada Group and for stakeholders’ vision for a green & sustainable world.”

In September 2022, Avaada Energy emerged as the winner along with NTPC Renewable Energy for the 500 MW grid-connected intrastate or interstate solar project power purchase auction for Maharashtra State Electricity Distribution Company (MSEDCL). Avaada Energy requested 500 MW at Rs. 2.83/kWh, but was only given 300 MW using the bucket filling method.

A few days back, RECPDCL, had announced the handing over of six projects’ specific SPVs (Special Purpose Vehicles) to PGCIL (Power Grid Corporation of India Limited). These SPVs have been mainly established for constructing transmission projects in Khavda region of Gujarat. The SPVs were won through a tariff-based competitive bidding process and PGCIL emerged as the successful bidder for all the six projects of the Ministry of Power.