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Avaada Energy Subsidiary Signs Solar PPA with Damodar Valley Corporation

Avaada Inclean Private Ltd., a wholly owned subsidiary of Avaada Energy Pvt. Ltd., has signed a 25 year Power Purchase Agreement (PPA) with Damodar Valley Corporation (DVC).

Under this agreement, Avaada Inclean will set up a 421 MW solar power project in Gujarat to supply electricity to DVC. Commenting on this development, Mr. Vineet Mittal, Chairperson of Avaada Group, said that this development would allow DVC to offer green power to its customers at a more competitive rate and ensure compliance with their Renewable Purchase Obligation* (RPO).

Renewable Purchase Obligation (RPO) is a regulatory requirement that mandates power utilities and certain electricity consumers to procure a specified percentage of their total electricity consumption from renewable energy sources.