Avaada Energy has secured a 1,400-MW solar project through an e-Reverse auction hosted by NHPC Ltd., the Renewable Energy Implementing Agency of the Government of India.
The company announced in a press release that it achieved its success by offering an economical tariff of INR 2.53 ($0.030) per kilowatt-hour (kWh). When completed, the solar power plant will have the capacity to generate some 2.5 million megawatt hours (MWh) of electricity per year, which can power 1.8 million rural households.
The ensuing power purchase agreement (PPA) will span a period of 25 years, with the ambitious project slated for completion within a 24-month timeframe.