Avaada Energy has won a 560 MW DC solar project bid in e-reverse auction conducted by Maharashtra State Electricity Distribution Company Limited.
The project was awarded through competitive bidding, followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs 2.88 per kWh. As per the bid terms, power purchase agreement will be signed between two entities for 25 years, and the project will be commissioned within 18 months. The plant is expected to generate about 951 million units annually.