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Avaada Energy, the renewable energy division of Avaada Group, and Damodar Valley Corporation (DVC), a state-owned company under the Union Ministry of Power, have signed power purchase agreements (PPAs). “In this regard, the company is planning to set up a 421 MWp capacity solar PV power project in Gujarat,” the company said in a statement.
Avaada Inclean Private Limited is a wholly-owned subsidiary of Avaada Energy Pvt. Ltd and Damodar Valley Corporation formally inked the 25-year PPA at the latter's Kolkata headquarters.
After signing the agreement, Avaada Energy has become the first organization in the country to enter into a PPA under the Power Ministry’s scheme for flexibility in the Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Storage power. Furthermore, Vineet Mittal, chairperson of Avaada Group, said that implementing this scheme will enable DVC to provide green power to its customers at a more competitive rate and ensure compliance with their Renewable Purchase Obligation (RPO).
The DVC has engaged REC Power Development and Consultancy Limited (RECPDCL) as the bid process coordinator for selecting solar power developers for the 500 MW ISTS-connected solar PV power projects in India under the flexibility scheme. The release added that in June 2023, Avaada Energy secured the Letter of Award (LoA) from RECPDCL for setting up ISTS-connected solar PV power projects in India under tariff-based competitive bidding at a winning tariff of ₹2.70 per unit.
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