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- AnalysisAnalysis
Avaada has secured nearly $950 million in debt financing for 3 renewable energy projects
The financing package includes an FDRE project in Rajasthan, described as India’s largest FDRE financing transaction
All 3 projects are currently under construction and are expected to begin operations in FY2027-28
India’s Avaada Group has secured nearly $950 million in debt financing for 3 utility-scale renewable energy projects, including what it described as India’s largest financing transaction in the firm and dispatchable renewable energy (FDRE) segment.
The financing supports an FDRE project in Bikaner, Rajasthan, being developed under a long-term power purchase agreement (PPA) with Indian government-owned SJVN Limited, as well as 2×300 MW solar projects in Rajasthan and Gujarat.
The Rajasthan solar project has a PPA with NTPC, while the Gujarat project is backed by Solar Energy Corporation of India (SECI). All 3 projects are currently under construction and are expected to be commissioned during FY2027-28.
Avaada Group Chairman Vineet Mittal said, “The successful closure of India’s largest FDRE financing transaction demonstrates growing confidence in advanced clean energy solutions capable of delivering reliable, round-the-clock green power at scale.”
He added that integrated clean energy platforms will play a key role in meeting rising energy demand while supporting sustainability, reliability, and energy security.
Avaada says it arranged the debt through separate lending consortia comprising international and domestic banks, including Standard Chartered, State Bank of India, HSBC, DBS Bank, SMBC, MUFG, and BNP Paribas.
Avaada’s portfolio of over 17.7 GW includes more than 7.2 GW of operational renewable energy capacity, along with another 10.5 GW under construction. It targets 30 GW of installed renewable energy capacity by 2030.
It is also present in the solar PV manufacturing space as Avaada Electro, which plans to go public with an initial public offering (IPO). The latter operates an 8.5 GW solar module production line, with an additional 5.1 GW to be added by FY2027. It also aims to bring 6 GW of cell capacity online by FY2026 and another 6 GW by FY2027 to achieve a combined 13.6 GW of module and 12.0 GW of cell capacity (see India Solar PV News Snippets).
