Avaada Energy Wins 250 MW Solar-Wind Hybrid Project From NTPC

India Sees Steepest Rise Of Solar, Coal Follows The Race

Indian renewable energy company Avaada Energy recently announced winning a 250 MW solar-wind hybrid power project in a tender issued by the National Thermal Power Corporation (NTPC). Earlier, NTPC had issued a tender for the selection of hybrid power generators to supply 1000 MW of power through ISTS-connected wind-solar hybrid projects.

Avaada Energy secured a 50 MW capacity during the auction, offering a tariff of INR 3.47 per kWh. 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.

“This project represents a strategic win for Avaada Energy, showcasing its capability to operate significant hybrid renewable energy installations. The 250 MW capacity aligns perfectly with the company’s expansion strategy and its mission to support India’s transition to a low-carbon economy,” the firm said in a statement.

Post finalization, the forthcoming Power Purchase Agreement (PPA) with NTPC will span for a period of 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 lacs 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. The NTPC tender was floated in March this year.

Commenting on the project win, Vineet Mittal, Chairperson of Avaada Group, said, “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. This project not only reflects our competitive edge in hybrid energy solutions but also our unwavering commitment to India’s energy sustainability goals. With a tariff of INR 3.47 per kWh, we are setting benchmarks in the affordability and accessibility of clean energy.”

This project will add substantial value to Avaada’s growing footprint in the hybrid renewable energy landscape, the firm said.

Avaada Group is involved in renewable energy generation, solar module manufacturing, development of green Fuels including Green Ammonia, Green Methanol and Sustainable Aviation Fuel, and providing Energy Storage Solutions. Avaada Energy, its renewable power generation arm, aims to achieve 11 GW capacity by 2026. Avaada’s strong execution capabilities and proven track record have attracted significant international investments, including a fund commitment of US $1.3 billion in 2023, with a US $1 billion commitment from Brookfield’s Energy Transition Fund, and $300 million from GPSC, PTT Group of Thailand.