Avaada Energy won 320 MW out of 2 GW solar project auctioned by hydro power major National Hydroelectric Power Corporation (NHPC).
The auction was conducted through e-reverse bidding ,the auction took place during the COVID-19 induced global lockdown.
The successful online auction would entail capex of over Rs 11,000 crores. Other winners in the auction are SoftBank, Axis Energy Ventures (Brookfield promoted), O2 Power (Temasek promoted) and EDEN Renewables.
Because of the coronavirus outbreak businesses across the world is struggling, however India remains the hotspot for renewable energy investors.
Vineet Mittal, Chairman, Avaada Energy said “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.”
Expressing hope Mittal said , 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.”