Avaada Energy bags renewable energy project from Solar Energy Corp India

Avaada Energy on Monday said it has bagged a 280 megawatt renewable energy project from Solar Energy Corporation of India (SECI).

SECI is the nodal agency of the central government for auctioning renewable energy projects.

"Avaada Energy has won the 280 MWp project under tariff-based competitive bidding carried out by SECI as a part of SECI's 2 GW ISTS (inter-state transmission system ) connected solar projects (Tranche XI)," the company said in a statement.

The bidding allows flexibility to Avaada Energy to set up the solar power project anywhere in India and supply green electricity on long term at a tariff of Rs 2.61/kWh (kilowatt hour).

The project will become operational within 18 months from the signing of power purchase agreement (PPA), it said.

The company did not disclose any financial details related to the project. As per industry standards, Rs 6-7 crore is required to set up 1 MW of green energy capacity.