Apraava Energy on Thursday said it bagged a 250-MW solar energy project from state-owned NHPC Ltd.
The project, won through the e-reverse auction mechanism at a walk-out tariff of Rs 2.53 per kWh, is scheduled to be completed within 24 months, a company statement said.
This is Apraava's first greenfield solar power project through the auction route.
The interstate transmission system (ISTS) connected solar energy project has been awarded by the NHPC Ltd in Rajasthan, the statement said.
Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said in the statement, "We are excited to strengthen our solar energy portfolio with this win in Rajasthan, a pivotal state driving the growth of renewable energy in India."
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The Power Purchase Agreement (PPA) between the NHPC and Apraava Energy is for a period of 25 years from the scheduled commissioning date.
As part of the agreement, Apraava Energy will be responsible for design, construction and operation of the project for the PPA tenure.
The company's operational portfolio of renewable energy (solar and wind) stands at 1,312.6 MW, with projects spread across Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Telangana and Karnataka.
In addition, Apraava has 660 MW of renewable energy projects under-construction.
Apraava Energy is jointly owned by the CLP Group -- one of the largest investor-owned power businesses in Asia and global investment group CDPQ (Caisse de dépôt et placement du Québec).
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