APRIL 20239Avaada Energy, a provider of renewable energy, said that Damodar Valley Company has awarded it a 421 Megawatt solar project (DVC). Avaada won the project through a competitive bidding process that included an e-reverse auction and a quoted tariff of Rs.2.70/kWh. The 421 MW (DC) ISTS-connected Solar PV bid was won by Avaada in an auction held by REC Power Development and Consulting Ltd (RECPDCL) on behalf of DVC, according to Avaada. The bid specifications, a 25-year power purchase agreement will be signed between the two parties, and the project will be completed in 18 months. Over 750 million green energy units are anticipated to be produced yearly by the facility, which will result in a 6,98,250 tonne reduction in CO2 equivalent emissions. Five lakh residences might potentially be powered by the solar installation."One of the world's marketplaces for renewable energy with the greatest growth is India. We are convinced that tremendous opportunities will open up because we have set ambitious goals and made pledges to a green future. This is a win for us and for the stakeholders", Avaada Group Chairman Vineet Mittal stated. The central government agency DVC produces and distributes electricity in the Jharkhand and West Bengal region along the Damodar River. Canadian shareholder Brookfield agreed to make investments of $1 billion in Avaada Ventures in what will be the biggest green energy bet in the country. A formal contract was signed lately between Brookfield and serial entrepreneur Vineet Mittal, leader of the Avaada group, and thefirst tranche of $400 million has been disbursed, people aware of the matter said on condition of anonymity. The remaining $600 million will be disbursed based on performance-linked milestones as projects scale up. Avaada Ventures is the holding company of the group. Funds raised from Brookfield will be used for the group's solar cell/module manufacturing and green ammonia plans, as well as scaling up its renewable energy generation capacity. Avaada is also negotiating with an existing investor, Thailand's state-owned utility PTT, to deploy another $300 million. PTT had in July 2021 invested $454 million in Avaada Energy, the solar arm of the Avaada Group, and holds a 43 percent stake in that unit. The additional investment by PTT may be made in the solar arm, said the people cited above. Shareholder approvals and clearances are being worked out before a formal announcement on the fundraising is made, they added. BROOKFIELD TO INVEST $1 BILLION IN AVAADADAMODAR VALLEY CORPORATION OFFERS 421 MEGAWATT SOLAR PROJECT TO AVAADA ENERGYTOP STORIES
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