Avaada Energy, a subsidiary of Avaada Group received a Letter of Intent (LoI) to establish a 400 MW (DC) solar project from Gujarat Urja Vikas Nigam Limited (GUVNL).
Avaada Energy secured 200 MW as the base capacity, with a tariff of INR 2.75/kWh, and an additional 200 MW through the green shoe option, at a tariff of INR 2.71/kWh, from GUVNL.
This project has the potential to supply clean energy to around 500,000 households. According to the bid terms, Avaada Energy will supply the solar power generated from the project to GUVNL for 25 years. The projects are expected to be commissioned within 18 months from the execution date of the Power Purchase Agreements (PPAs).
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