GPSC announced the achievement of Avaada Energy in winning the solar power generation project with a capacity of 421 MW. It helped increasing total capacity in India to more than 5,000 MW, approaching towards the target to increase the proportion of clean energy production to more than 50% by 2030, which is considered one of the company’s renewable energy growth strategies for sustainable energy innovation development. Meanwhile, the company is always seeking opportunities and technologies for the development of clean energy internationally.
Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that a company in Avaada Group, Avaada Energy Private Limited, which operates renewable energy business in India and of which 42.93% of shares are held by Global Renewable Synergy Company Limited, a subsidiary of GPSC, successfully won the bidding for the 421 MW (DC) ISTS-connected solar power plant project. Thereby, the said bidding was conducted by REC Power Development and Consultancy Limited (RECPDCL) on behalf of Damodar Valley Corporation (DVC), an agency of Indian central government. The project is regarded as another mega-project that the central government of India has given priority to with an attempt to push for more environmentally friendly energy use in the country.
The competitive bidding was organized in the form of an e-Reverse auction in which Avaada quoted the tariff of Rs. 2.70 / kWh (or USD 0.03). According to the bid terms, the power purchase agreement (PPA) for 25 years shall be entered between the two parties, and the project shall have been accomplished within 18 months. The project herein is expected to generate about 750 million units annually, supplying the electricity based on clean energy to approximately 500,000 households, which will help reduce CO2 emissions equivalent to 698,250 tons per year.
Mr. Vineet Mittal, Chairman of Avaada Group, said, “India is considered the fastest-growing market for renewable energy. With the targets and the commitments to the green society, the company is confident to be a part of the contribution to the development of clean energy for India. Also, this is a confirmation that we will always be developing energy that is environmentally friendly in a sustainable manner in order to pass it on to the next generation. The winning in this bidding is an important victory, and it emphasizes that we place importance on the pursuit of technology and the development of clean energy in India as well as the world society in order to provide for the long-term energy security.”
“This achievement reaffirms the success of Avaada and GPSC in joint-business partnership with a strategy to expand production capacity so as to satisfy the renewable energy demand in India. In addition, this victory enables us to achieve the target to increase the proportion of renewable energy production, which will lead to the use of environmentally friendly energy along with the sustainable business development. This is also in line with GPSC’s goal to increase the renewable energy proportion to more than 50% by 2030,” said Mr. Worawat.
