Renewable energy producer Avaada Energy has announced that it will develop a 350MW solar project in the Indian state of Maharashtra.
Maharashtra State Electricity Distribution Company Limited (MSEDCL) has awarded a Letter of Award (LoA) to Avaada Energy to develop the solar power plant.
Once operational in January 2022, the power generated by the solar project will be supplied to MSEDCL under a power purchase agreement for a period of 25 years.
The output generated by the solar plant will be sufficient to supply green electricity to power 480,000 households while offsetting 498,750 tonnes of CO2 emission per year.
Avaada Energy said that the plant is estimated to generate about 525 million units annually.
Avaada Group is committed to develop 11GW solar projects by 2025
Avaada Group chairman Vineet Mittal said: “At Avaada, we believe that business and sustainability go hand-in-hand. Being the leading Renewable Energy company of India, we are making significant investments in innovative clean energy solutions with a focus on solar energy sector.
“On the back of India’s green energy revolution led by Hon’ble PM Shri Narendra Modi, India will continue its exponential growth in its renewable energy (RE) sector.”
In order to support its commitment to bringing sustainable energy, the firm is aiming an extensive portfolio of 11GW solar projects by 2025 across Asia and Africa.
Furthermore, the development of the solar project is in addition to 1GW of operational capacity and 2GW of project are under implementation that company is executing currently.
In March last year, Asian Development Bank (ADB) signed an agreement to invest $50m in Avaada to rapidly scale up photovoltaic solar energy generation capacity in India.
