Mumbai: The Mumbai-headquartered Apraava Energy has signed a Power Purchase Agreement (PPA) for a 300 MW interstate transmission system (ISTS) connected solar energy project with NTPC Ltd.
The project to be set-up in Rajasthan, within a scheduled completion period of 24 months, has been secured through an e-reverse auction mechanism at a tariff of Rs 2.65 per kWh.
This project further strengthens Apraava’s presence in Rajasthan, following its maiden 250 MW greenfield solar project announced in January 2024, secured through NHPC.
Apart from these two solar assets, Rajasthan is also home to Apraava’s three existing wind projects with a combined capacity of 253.6 MW and three under-construction transmission projects.
In a press statement, Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said: ”We are excited to add our largest solar project to date into our growing renewable energy portfolio. Rajasthan is one of the strategic states, playing a pivotal role in achieving India's clean energy goals. We are committed to pursuing such opportunities for building on our low-carbon businesses and ensuring timely execution of projects.”
The bid is part of the solar tender issued by NTPC for setting up 1500 MW ISTS-connected Solar PV Power Projects anywhere in India. The PPA between NTPC and Apraava Energy is for 25 years from the scheduled commencement of supply date. Apraava Energy will be responsible for building, owning, and operating the project for the PPA tenure as part of the agreement.
The company's current operational portfolio of RE (Solar and Wind) stands at ~1,420 MW, with projects spread across the states of Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Telangana, and Karnataka. In addition, Apraava has ~900 MW of RE projects under construction.
Published 12 September 2024, 11:22 IST