Avaada Energy Secures ₹597 Crore Refinancing for Solar Projects

Avaada Energy announced on Tuesday that it has successfully secured ₹597 crore (approximately $71.1 million) in refinancing for its Commercial & Industrial (C&I) solar projects in Karnataka and Maharashtra. The refinancing was provided by NIIF Infrastructure Finance (NIIF IFL), an infrastructure debt fund focused on refinancing high-quality operational infrastructure projects.

The solar projects currently supply electricity to major corporations, including Bharti Airtel, Motherson, Bharat Forge, STT, Nxtra Data, and Lumax, helping these companies achieve their energy transition goals. Avaada noted that the refinancing deal strengthens the stability of its solar projects and secures more favorable commercial terms, enabling the prepayment of existing loans and reducing financing costs.

Vineet Mittal, Chairman of Avaada Group, expressed his enthusiasm for the partnership with NIIF IFL, stating, "This financing highlights our commitment to developing a high-quality energy transition portfolio and providing cutting-edge solutions for our C&I customers. The improved financial terms strengthen the position of these projects and add value for all stakeholders."

This refinancing reinforces Avaada’s dedication to sustainability and its efforts to reduce carbon footprints on a global scale.

HBL