Avaada Group Closes Financing For 9 of Its Diverse RE Projects

Avaada Group, a company operating in India’s renewable energy landscape, has successfully completed financing/refinancing of nine of its projects across the business divisions totaling for an amount of INR 8500 Crs (~USD 1 Bn).

The transactions include a mix of Utility scale IPP projects, large-scale Agri Photovoltaic projects, Merchant power generation projects, C&I projects and the group’s green module manufacturing business. These financings were carried out across multiple transactions with a diverse set of lenders ranging from leading Public Sector Banks like SBI and Union Bank, Public Sector FI like NABFID and PFC, Private / MNC Banks & FIs like Standard Chartered, Axis, Yes Bank, Tata Capital, Aseem Infra, NIIF among others.

“These transactions underline Avaada’s ability to develop and execute a wide range of projects and successfully engage with a diverse set of lenders with varying credit appetites for its projects across their life cycle. It demonstrates its capability to attract investments across a wide range of projects, strengthening its position as a pioneer in India’s renewable energy ecosystem,” the firm said in a statement.

8500 Crs. (~USD 1 Bn) financing

Commenting on this milestone, Vineet Mittal, Chairman of Avaada Group, said, “Securing INR 8500 Crs. (~USD 1 Bn) in financing commitments from such a large group of lenders demonstrates our ability to structure and execute diverse renewable energy projects at scale. This achievement reflects the trust that financial institutions have in Avaada’s vision of implementing transformative green energy solutions by deploying optimal financing structures. By aligning our financing strategies with national and global sustainability goals, we’ll continue to strive towards setting new benchmarks in renewable energy innovation and investment.”

The financial transactions are geared toward funding a portfolio of projects across various categories. This includes utility-scale solar projects, decentralized agri-photovoltaic initiatives under the PM-KUSUM scheme, and state-of-the-art solar module manufacturing facilities, contributing to India’s 500 GW renewable energy target by 2030.

Avaada’s 11 GWp target

Avaada Group specializes in solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Avaada Energy, the group’s renewable power generation arm, aims to achieve a capacity of 11 GWp by 2026. The group has attracted international investment, including a $1.3 billion commitment in early 2023, with $1 billion from Brookfield’s Energy Transition Fund and $300 million from GPSC, a subsidiary of Thailand’s PTT Group.