Avaada Group has completed INR 8,500 crore ($1 billion) in financing/refinancing of nine of its projects across different business divisions. The financing covers a mix of utility-scale IPP-mode solar projects, agrivoltaic projects under the PM-KUSUM scheme, merchant power generation projects, commercial and industrial (C&I) projects and the group’s solar 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 finance institutions (FIs) like NABFID and PFC, private-sector/MNC banks and FIs like Standard Chartered, Axis, Yes Bank, Tata Capital, Aseem Infra, NIIF among others.
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.”
Avaada Group has presence across solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Its renewable power generation arm Avaada Energy aims to achieve capacity of 11 GWp by 2026. The group’s strong execution capabilities have attracted substantial 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.
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