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Avaada Energy Pvt Ltd had secured a 421-MWdc solar farm project in an e-reverse auction in India after quoting a tariff of INR 2.70 (USD 0.033/EUR 0.030) per kWh, according to its investor, Thai power company Global Power Synergy PCL (GPSC).
The win entitles Avaada to close a power purchase agreement (PPA) with a term of 25 years, GPSC said.
GPSC indirectly holds a 42.93% stake in Avaada.
The auction was conducted by REC Power Development and Consultancy Limited (RECPDCL) on behalf of India’s central government agency Damodar Valley Corporation (DVC).
The award, according to Worawat Pitayasiri, President and CEO of GPSC, reaffirms the success of Avaada and GPSC in a joint-business partnership with a strategy to expand production capacity to satisfy the renewable energy demand in India.
GPSC’s target is to increase the share of renewables in its power production to over 50 percent by 2030.
