Avaada Group Completes Financing for 9 of its RE Projects Worth INR 8500 Crores for Q3 FY24
Avaada Group has successfully completed financing / refinancing of 9 of its projects across the business divisions totaling for an amount of INR 8500 Crs (USD 1 Bn), showcasing the company’s commitment to advancing renewable energy solutions across India.
January 22, 2025. By News Bureau
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 reflecting Avaada’s integrated capabilities in the energy transition space and its concerted attempt to achieve an optimized financing structure for its integrated business profile.
It is further noteworthy that 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.
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.
The projects are not only a step toward reducing India’s carbon footprint but also a driver of economic growth. Avaada’s initiatives are expected to generate thousands of jobs, promote local manufacturing, and boost the renewable energy value chain in India.
With these commitments secured, Avaada is poised to accelerate implementation of its projects, contributing significantly to India’s energy transition journey and reinforcing its leadership in the sector.
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