Avaada Energy, a renewable power generation arm of Avaada Group, has announced the closure of around INR 597 crore ($71.1 million) in refinancing for its commercial & industrial (C&I) solar projects in the states of Karnataka and Maharashtra.
The refinancing was secured from NIIF Infrastructure Finance Ltd (NIIF IFL), an infrastructure debt fund dedicated to refinancing high-quality operational infrastructure projects.
Avaada’s C&I solar 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 reduction in finance costs while releasing capital for future deployment,” stated Avaada.
Led by Vineet Mittal, Avaada Group is engaged in solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Avaada Energy, Avaada Group’s renewable power generation arm, aims to reach an installed capacity of 11 GWp by 2026.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.