Avaada Energy to Set-Up 421 MW Solar PV Power Project in Gujarat

03 April 2024: Avaada Energy, the renewable energy arm of Avaada Group, has inked a significant power purchase agreement (PPA) with Damodar Valley Corporation (DVC), a state-owned enterprise operating under Union Ministry of Power. The agreement, signed recently, paves the way for Avaada Energy to embark on the development of a 421 MWp capacity solar PV power project in Gujarat.

The 25-year PPA was formalized between Avaada Inclean (P) Ltd. a wholly owned subsidiary of Avaada Energy (P) Ltd. and Damodar Valley Corporation at the latter’s headquarters in Kolkata.

Vineet Mittal, Chairperson of Avaada Group said “The collaboration, highlighting Avaada Energy’s impressive track record in renewable energy sector. The agreement marks a significant milestone as Avaada Energy becomes the first organization in the country to enter into a PPA under Power Ministry’s scheme for flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Storage power. This collaboration is expected to enable DVC to provide green power to its customers at a more competitive rate while ensuring compliance with their Renewable Purchase Obligation (RPO).”