Avaada Energy Secures INR 597 Cr Refinancing for its Solar Projects in Karnataka and Maharashtra
Avaada Energy has secured INR 597 crore in refinancing for its Commercial and Industrial (C&I) solar projects in Karnataka and Maharashtra from NIIF Infrastructure Finance Ltd.
October 15, 2024. By Mrinmoy Dey
The refinancing was secured from NIIF Infrastructure Finance Ltd. (NIIF IFL), an infrastructure debt fund dedicated to refinancing high-quality operational infrastructure projects.
These projects currently supply electricity to various leading corporates in the country, including Bharati Airtel, Motherson, Bharat Forge, STT, Nxtra Data, Lumax etc., supporting them in their energy transition goals.
The refinancing from NIIF IFL secured significantly improved commercial terms to facilitate prepayment of existing loan facility along with delivering a reduction in finance costs while releasing capital for future deployment.
Commenting on the development, Vineet Mittal, Chairman of Avaada Group, said, “We are thrilled to strengthen our partnership with NIIF IFL. This financing is a testament to our strategic vision of developing a diversified and high-quality energy transition portfolio to attract specialised capital while delivering state-of-the-art solutions for our C&I customers. The improved financing terms enhance the financial position of these projects and create value for all stakeholders.”
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