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Avaada wins 300 MW Indian PV tender with $0.036/kWh bid

Avaada has decided to supply electricity from 300 MW of PV capacity to Maharashtra State Electricity Distribution Co. (MSEDCL) on a long-term basis.

Image: Avaada Energy

From pv magazine India

Indian developer Avaada has emerged among the winners in a 500 MW solar auction (phase eight) held by Maharashtra State Electricity Distribution Co. (MSEDCL). It won 300 MW of PV capacity at a tariff of INR 2.83 ($0.036)/kWh.

The developer can connect the projects to the inter-state or intra-state grid, any place in India. It’ll provide you with the generated capacity to MSEDCL through hawaii grid in Maharashtra on a long-term basis.

Avaada recently won 25 MW win in another 500 MW solar auction (phase seven) by MSEDCL in August. It secured 25 MW at a tariff of INR 2.91/kWh.

By winning the MSEDCL auctions for a complete of 325 MWac capacity, we have been well on our solution to achieving our targeted renewable energy capacity of 5 GW by the finish of FY 2022-23 and 11 GW by the finish of 2025, said Avaada Chairman Vineet Mittal.

The projects should be commissioned within 18 months from the date of the signing of the energy purchase agreement. Furthermore, the projects must achieve financial closure within 12 months.

Avaada aims to attain 11 GW by 2025 and 30 GW by 2030. It includes a manufacturing facility having an annual capacity of 5 GW for cells and modules, with commercial production likely to begin by early next year. Avaada plans to scale up its PV manufacturing to 10 GW by 2030, with backward integration into polysilicon, ingots, and wafers.

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