Following a tariff-based competitive bidding process led by the state-run hydropower company NHPC Ltd., Avaada Energy announced that it has won a 1,400 MW solar project.

According to a statement, the project won through an e-reverse auction process showcases Avaada Energy's commitment to competitive pricing with a winning tariff of Rs 2.53 per kWh.

"Avaada Energy, a key player in the Avaada Group's diversified portfolio is proud to announce its latest achievement -- securing a 1,400 MWp Solar Project through an e-reverse auction hosted by NHPC Ltd, the Renewable Energy Implementing Agency of the Government of India," a company statement said.

The power purchase agreement will span a period of 25 years, with the project slated for completion within a 24-month timeframe.

Upon commissioning, the solar facility is projected to produce an estimated 2,500 million units of renewable energy each year, contributing significantly to India's green energy supply and powering nearly 1.8 million rural households.