Indian renewables developer Avaada Energy said it had won a 560-MW solar power project in an e-reverse auction in the state of Maharashtra.
The auction was conducted by utility company in the Indian state, Maharashtra State Electricity Distribution Co Ltd (MSEDCL).
The solar project was awarded through competitive bidding, followed by an e-reverse auction. Avaada Energy came out winning with a quoted tariff of INR 2.88 (USD 0.035/EUR 0.032) per kWh, the firm said.
Avaada and MSEDCL are to sign a 25-year power purchase agreement (PPA), while the project is due to be commissioned within 18 months.
(INR 1.0 = USD 1.221/EUR 1.112)