Avaada Group has completed raising INR 8,500 crore to fund its India projects
The proceeds will finance/refinance 9 projects across various business divisions, including module manufacturing
Facilities thus supported will generate thousands of jobs and contribute to the country’s renewable energy value chain
Indian renewable energy company Avaada Group has successfully raised INR 8,500 crore ($1 billion) to finance/refinance 9 projects across the solar energy and green module manufacturing business.
The projects are spread across its business divisions, including a mix of utility-scale independent power producer (IPP) projects, commercial and industrial (C&I) projects, large-scale agrivoltaic facilities, and merchant power generation projects, along with its green module manufacturing business.
It is building a new super factory to produce ingot-wafers, cells and modules in Maharashtra’s Nagpur. The factory will also host production lines for batteries, electrolyzers, and ancillary units like module glass and frames, representing a combined investment of INR 136.5 billion (see Avaada Announces Ingot To Module Project In Maharashtra).
Avaada says these projects are expected to generate thousands of jobs, promote local manufacturing and also boost the country’s renewable energy value chain. These are part of the group’s overarching ambition to achieve a renewable energy capacity of 11 GW by 2026.
The group of lenders for this financing round includes public sector banks like State Bank of India (SBI) and Union Bank, and public sector financial institutions like the National Bank for Financing Infrastructure and Development (NABFID) and Power Finance Corporation (PFC).
The lending consortium also includes private/MNC banks and financial institutions like Standard Chartered, Axis, Yes Bank, Tata Capital, Aseem Infra, and NIIF, among others.
“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,” said Avaada Group Chairman Vineet Mittal.
This round of financing follows INR 6 billion the company raised in October 2024 from NIIF Infrastructure and Finance Limited to refinance its projects in Karnataka and Maharashtra (see India Solar PV News Snippets: INR 6 Billion Refinancing For Avaada & More).
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