Avaada Energy bags a 421 MW solar project from DVC

Avaada Energy has, reportedly, 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 per kWh. Avaada has won the 421 MW (DC) interstate transmission system-connected solar photovoltaic bid in an auction conducted by REC Power Development and Consultancy Limited on behalf of DVC. As per the 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.