Avaada has raised $1.3 billion in financing from three Indian lenders for its multiple renewable energy projects across two states
The portfolio combines hybrid and solar assets under long-term PPAs with state utilities, according to the company
These facilities are expected to expand renewable electricity supply while supporting grid reliability
Indian renewable energy company Avaada Group has raised nearly $1.3 billion in financing to support the development of a 2.15 GW renewable energy portfolio across the states of Maharashtra and Gujarat.
The funds comes from the State Bank of India (SBI), REC Limited, and Canara Bank. The trio has approved financing across four special purpose vehicles (SPVs) of Avaada.
The 1.35 GW hybrid portfolio combines solar and wind generation to improve power availability for Maharashtra State Electricity Distribution Company Limited (MSEDCL). It is developing an 800 MW solar portfolio to supply renewable electricity under long-term agreements with Gujarat Urja Vikas Nigam Limited (GUVNL) and MSEDCL.
Once operational, Avaada says the projects are expected to contribute to India's renewable energy targets by increasing clean power generation, strengthening grid resilience, and reducing dependence on fossil fuels. These assets will also lower carbon emissions over their operating life.
According to the company, the portfolio will collectively involve the development of more than 3 GW of solar and 450 MW of wind capacity across multiple sites in Maharashtra and Gujarat.
“The financing closure of over $1.3 billion for this strategically important renewable energy portfolio represents a significant milestone for Avaada Group,” said Vineet Mittal, Chairman of Avaada Group. Mittal shared that the hybrid projects are designed to improve power reliability and grid stability, while the solar projects will supply electricity to Maharashtra and Gujarat under long-term power purchase agreements (PPAs).
He added that the company remains focused on commissioning the projects on schedule while supporting India's clean energy transition.
For Avaada, this financial close follows nearly $950 million it raised in debt financing for three renewable energy projects in Rajasthan and Gujarat in June 2026 (see Avaada Raises Up To $950 Million For India RE Projects).
Avaada’s total renewable energy portfolio exceeded 17.7 GW in May 2026, comprising 7.2 GW operational and 10.5 GW under construction projects. It claims to have expanded by over 2 GW in FY 2025-26.
Its solar PV manufacturing arm, Avaada Electro, operates an 8.5 GW total module production capacity through its factory in Uttar Pradesh. Recently, it commissioned 3 GW of TOPCon solar cell production capacity at its planned 6 GW factory site in Nagpur. The company aims to expand its module production capacity to 13.6 GW and its total cell capacity to 12 GW, and is also venturing into ingot and wafer production (see Avaada Starts 3 GW TOPCon Cell Line In Maharashtra).
