In an indication India remains a market of choice for renewable energy investors amid the global covid-19 led slowdown, Avaada Energy has bagged a 2,000 Megawatt solar power project auctioned by hydro power major NHPC Ltd.
Other winners in the auction conducted through e-reverse bidding included SoftBank, Axis Energy Ventures (Brookfield promoted), O2 Power (Temasek promoted) and EDEN Renewables.
“The bidding was aggressive and low market demand was trying to drive the price down. Our bid was competitive, and we are happy that we won against some tough competition,” said Vineet Mittal, Chairman, Avaada Energy.
He expressed hope India would continue its exponential growth in renewable energy sector on the back of “a highly conducive policy environment, a steady influx of capital, falling prices and new technologies.”
Avaada Energy’s investors include Asian Development Bank, Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), and Dutch development bank Netherlands Development Finance Company (FMO)