Avaada Energy Secures Rs 597 Crore Refinancing for PV Projects

Avaada Energy Secures Rs 597 Crore Refinancing for PV Projects

Avaada Energy, a subsidiary of the Avaada Group, has secured Rs 597 crore ($71.1 million) in refinancing for its commercial and industrial (C&I) solar projects. These projects are located in Karnataka and Maharashtra.

The refinancing was provided by NIIF Infrastructure Finance Limited (NIIF IFL), an infrastructure debt fund focused on refinancing operational infrastructure projects. Avaada’s solar projects currently supply electricity to various large corporations in India. Some of the companies benefiting from these projects include Bharti Airtel, Motherson, Bharat Forge, STT, Nxtra Data, and Lumax. These companies are using solar energy as part of their energy transition goals.

The refinancing will help Avaada prepay its existing loans, reduce financing costs, and release capital for future solar projects. The company stated that the new financing terms are significantly better than its previous loan arrangements.

Avaada Energy has been involved in several large-scale renewable energy projects. One of its major achievements includes the development of a 420 MW solar project in Rajasthan, one of the largest in the state. Avaada has also commissioned a 350 MW solar project in Maharashtra and a 250 MW project in Gujarat.

In addition to these large projects, Avaada Energy has also been expanding its rooftop solar segment. The company has installed rooftop solar systems for various corporate clients, supporting them in reducing their carbon footprints.

Vineet Mittal, chairman of Avaada Group, commented that the refinancing is aligned with the company’s strategy of developing a diversified energy portfolio. He added that it strengthens the financial position of these projects and adds value for all stakeholders.