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Last Updated on 19
The National Thermal Power Corporation (NTPC) under the Renewable Energy Implementing Agency (REIA) has awarded a 250 MW solar-wind hybrid power project to Avaada Energy. This significant win was achieved with a competitive tariff of INR 3.47 per kWh. The tender aims to facilitate the supply of 1 GW of power through ISTS connected renewable projects in India.
The project is expected to be completed within 24 months. Upon completion, it is projected to generate about 800 million units of renewable energy annually, sufficient to power more than 500,000 households. This venture will significantly reduce carbon emissions by approximately 747,200 tonnes each year, contributing to India’s climate change goals.
"We are happy to further cement our position as a leader in the renewable energy sector with this 250 MW win in NTPC’s prestigious tender. This project not only reflects our competitive edge in hybrid energy solutions but also our unwavering commitment to India’s energy sustainability goals. With a tariff of INR 3.47 per kWh, we are setting benchmarks in the affordability and accessibility of clean energy," said Vineet Mittal, Chairperson, of Avaada Group.
The long-term Power Purchase Agreement (PPA) with NTPC, set for 25 years, underscores Avaada Energy's commitment to bolstering India's renewable infrastructure and supporting the country's transition to a low-carbon economy. This venture will add substantial capacity to Avaada's growing footprint in the hybrid renewable energy landscape.
Some of the key objectives of this project includes:
The primary objective of Avaada Energy's hybrid project is to bolster India's sustainable energy goals. By harnessing both solar and wind resources, the project aims to create a more reliable and consistent energy supply. This hybrid model is particularly effective in mitigating the intermittent nature of renewable energy sources, ensuring a steady flow of power to the grid.
The project contributes to national energy security by diversifying India's energy portfolio. With the addition of 250 MW of hybrid renewable energy, the country moves closer to its goal of reducing dependence on imported fossil fuels and enhancing its self-sufficiency in energy production.
The project also serves as a platform for technological innovation. By integrating solar and wind energy systems, Avaada Energy is at the forefront of developing new techniques and operational models that can be replicated across the country and potentially exported globally.
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