In a significant development, Avaada Energy has emerged victorious in securing a 250 megawatt (MW) solar-wind hybrid power project in a recent tender issued by the Renewable Energy Implementing Agency (REIA), NTPC. The tender, previously issued by NTPC, aimed to select hybrid power generators to supply 1,000 MW of power through Inter-State Transmission System (ISTS)-connected wind-solar hybrid projects. Avaada Energy clinched a substantial portion of the tender, securing 250 MW capacity with a competitive tariff of ₹3.47 per kWh.
Vineet Mittal, Chairperson of Avaada Group, speaking about the project, stated “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 ₹3.47 per kWh, we are setting benchmarks in the affordability and accessibility of clean energy.”
Vineet Mittal further emphasised that this project would enhance Avaada’s presence in the hybrid renewable energy landscape, adding substantial value to the company’s portfolio and contributing to the nation’s clean energy transition. He also reflected that this shows Avaada’s commitment to renewable energy expansion and its prowess in the hybrid energy sector.
The project, which can be established anywhere in India, will be seamlessly integrated into the ISTS network, facilitating efficient energy transmission across regions. Avaada Energy views this project as a strategic win, aligning perfectly with its expansion strategy and its mission to support India’s transition to a low-carbon economy.
Upon finalization, the Power Purchase Agreement (PPA) with NTPC is expected to span 25 years, with completion targeted within 24 months. Once operational, the hybrid solar-wind power project is anticipated to generate approximately 800 million units of renewable energy annually, catering to the energy needs of over 5 lakh households. This initiative will bolster India’s green energy supply but also contribute significantly to carbon emissions reduction. It is estimated to achieve an annual CO2 reduction of approximately 7,47,200 tonnes, in line with India’s climate objectives.
