Renewable energy company Avaada Energy on Friday said it has bagged a 421 MW solar project from Damodar Valley Corporation (DVC).
The project was awarded through a competitive bidding followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs 2.70/kWh.
In a statement, Avaada said "it has won the 421 MW (DC) ISTS-connected Solar PV bid in an auction conducted by REC Power Development and Consultancy Ltd (RECPDCL) on behalf of DVC."
As per bid terms, a power purchase agreement will be inked between the two entities for 25 years, and the project will be commissioned within 18 months.
The plant is expected to generate about 750 million units green energy annually which will reduce 6,98,250 tonne CO2 equivalent emissions. The solar project can potentially power 5 lakh households.
"India is one of the fastest-growing markets for renewable energy globally. With ambitious targets and commitments to a green future, we are confident that massive opportunities will unlock. We consider this a victory for us and for stakeholders," Vineet Mittal, Chairman of Avaada Group, said.
DVC is a leading central government unit that generates and distributes power in the Damodar river area spread across Jharkhand and West Bengal.
