Avaada Energy implements 2GW of open access solar power plants

To date, the firm has over 1.8GW of commissioned renewable assets in India.

Avaada Energy, one of India’s independent power producers (IPP), has commissioned over 1.8GW of solar and wind assets, and is in the process of implementing 2,000MW of open access solar plants in states like Maharashtra, Tamilnadu, Haryana, Karnataka and Orissa, an announcement revealed.

These plants are being built for corporates who are looking to optimise their operating costs and meet their green energy needs through solar, rooftop and hybrid energy solutions, the firm said, adding that a corporate can typically save up to 30‐50% of its electricity costs by switching to open access solar solutions.

According to Vineet Mittal, chairman of Avaada Energym, open access is a highly credible and economical solution for corporates looking to bring down their electricity bills and CO₂ emissions significantly.

Avaada Energy recently raised over $150m (INR10b) from investors such as the Asian Development Bank (ADB), Germany’s DEG, Dutch Development Bank, Netherlands Development Finance Company (FMO) and Promoters.

The company has a target of developing 5GW of renewable energy portfolio in Asia and Africa by 2022 and has a portfolio of over 500MW of open access solar plants for leading corporates, IT, MNCs and manufacturing segment.