Avaada Energy has won a 421 MW solar project from Damodar Valley Corporation (DVC). The project was awarded through a competitive tender followed by an electronic reverse auction where Avaada emerged as the winner with a bid of Rs 2.70/kWh. The two entities will sign a 25-year power purchase agreement and the project will be commissioned within 18 months. The plant is expected to generate 750 million units of green energy and avoid 6,98,250 tons of CO2-equivalent emissions per year. The solar project can power half a million homes. Avaada is one of the fastest growing renewable energy markets in the world.