"Avaada Group Secures ₹8,500 Crore Financing for 9 Projects"

Avaada Group announced recently that it has successfully completed refinancing for nine of its projects across various business divisions, securing a total of ₹8,500 crore (approximately $1 billion). This marks a significant step in the company’s commitment to advancing renewable energy solutions across India.

The financing includes a diverse mix of utility-scale independent power producer (IPP) projects, large-scale agricultural photovoltaic projects, merchant power generation initiatives, commercial and industrial (C&I) projects, as well as the Group's green module manufacturing business. These transactions highlight Avaada's integrated capabilities in the energy transition sector and its strategic approach to optimising financing structures for its diversified business operations.

Avaada Group worked with a range of lenders, including major public sector banks and financial institutions like State Bank of India (SBI), Union Bank, NABFID, and PFC, alongside private banks and financial institutions such as Standard Chartered, Axis Bank, Yes Bank, Tata Capital, Aseem Infra, and NIIF.

The success of these financing transactions underscores Avaada’s ability to develop and execute a wide range of renewable energy projects while engaging with a diverse set of lenders with varying credit appetites. This further strengthens the company’s position as a leader in India’s renewable energy ecosystem.

Vineet Mittal, Chairman of Avaada Group, remarked, “Securing around $1 billion 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 financial institutions place in Avaada’s vision for transformative green energy solutions, achieved through optimal financing structures.”

The funds will support a range of initiatives, including utility-scale solar projects, decentralized agri-photovoltaic initiatives under the PM-KUSUM scheme, and the development of advanced solar module manufacturing facilities, contributing to India’s goal of achieving 500 GW of renewable energy capacity by 2030.

HBL