The Indian renewable company Avaada Energy has announced that it was awarded a 1,050 MW solar project in a recent tender issued by India’s state-run power producer NTPC. The company, which secured the project at a tariff of INR2.69/kWh (US$3.2c/kWh), expects to complete the project within 24 months of signing the 25-year Power Purchase Agreement (PPA) with NTPC. With the addition of this latest project, Avaada Energy's portfolio now encompasses 15 GW of projects, inclusive of letters of award and PPAs across India.
At the end of 2023, solar and wind accounted for nearly 24% of installed capacity in India, with respectively 73 GW and 45 GW, while hydropower capacity reached nearly 52 GW. India plans to increase its non-fossil fuel capacity to 500 GW. In 2023, coal still represented 53% of India’s capacity with over 266 GW and 72% of its power generation with 1,347 TWh.
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