The clean energy generated by the solar facility will supply MSEDCL via a 25-year power purchase agreement.
Avaada Group chairman Vineet Mittal said: “At Avaada, we believe that business and sustainability go hand-in-hand. Being the leading Renewable Energy company of India, we are making significant investments in innovative clean energy solutions with a focus on the solar energy sector.
“On the back of India’s green energy revolution led by PM Shri Narendra Modi, India will continue its exponential growth in its renewable energy sector.”
Avaada Energy intends to commission the project by January 2022.
Once commissioned, the 350MW DC solar project is expected to generate nearly 525 million units of clean energy annually; sufficient to power 480,000 households. Additionally, Avaada says this will offset 498,750t of carbon emissions annually.
Based in Mumbai, Avaada Energy develops renewable energy projects in India with engineering, procurement and construction (EPC) capabilities. The company aims to build a portfolio of 11GW solar projects by 2025 across Asian and African regions.
Avaada has so far finalised more than 2GW of renewable capacities across India.
In February 2018, Avaada partnered with the Government of Andhra Pradesh for developing 500MW utility-scale solar projects.
At the time, the company said the energy generated was sufficient to power more than 2.4 million households.