Avaada Energy inks pact with DVC to supply electricity in Gujarat – EQ
In Short : Avaada Energy has signed an agreement with DVC to supply electricity in Gujarat, marking a significant step towards enhancing clean energy supply in the region. This partnership underscores the commitment to sustainable energy development.
In Detail : Ahmedabad : Avaada Energy, the renewable energy arm of Avaada Group, on Tuesday announced plans to set up a 421MW solar photovoltaic (PV) power project in Gujarat. The company also signed a power purchase agreement with Damodar Valley Corporation, a state-owned enterprise under the Union power ministry, under which it will supply power in Gujarat.
The company secured 421MW of capacity in a tender from the Solar Energy Corporation of India (SECI), an arm of the renewable energy ministry; 280MW from Gujarat Urja Vikas Nigam (GUVNL), the state’s electricity regulation board; and 700MW from NTPC Limited, a government-owned generator, recently.
The 25-year PPA was formally signed between Avaada Inclean Private Limited, a wholly owned subsidiary of Avaada Energy Private Limited, and Damodar Valley Corporation at the latter’s headquarters in Kolkata.
Vineet Mittal, chairperson of Avaada Group, said, “This collaboration builds on Avaada Energy’s track record of success in the renewable energy sector. The implementation of this scheme will enable DVC to provide green power to its customers at more competitive rates and ensure compliance with their renewable purchase obligation (RPO).”
After signing the agreement, Avaada Energy has become the first organisation in the country to enter a PPA under the power ministry’s scheme for flexibility in generation and scheduling of thermal/hydropower stations through bundling with renewable energy and storage of power. In June 2023, Avaada Energy secured the letter of award (LoA) from RECPDCL for setting up ISTS-connected solar PV power projects in India.
