Mumbai-based Avaada Group said on Wednesday it had completed the refinancing of nine projects across its business divisions, raising ₹8,500 crore ($1 billion) to advance its renewable energy initiatives across India.
According to a statement, the refinanced projects span utility-scale independent power producer ventures, large-scale agri-photovoltaic installations, merchant power generation, commercial and industrial projects and solar module manufacturing.
The diverse portfolio highlights the company’s integrated approach to energy transition and its focus on achieving an optimized financing structure.
The refinancing involved a mix of public and private lenders, including State Bank of India, Union Bank, NABFID, and Power Finance Corporation on the public sector side, alongside private entities such as Standard Chartered, Axis Bank, Yes Bank, Tata Capital and NIIF.
“These transactions underline Avaada’s ability to execute diverse renewable energy projects and attract investment from a broad spectrum of lenders,” the company said, demonstrating its strength in India’s renewable energy ecosystem.
Vineet Mittal, chairman of Avaada Group, said the financing milestone endorses lender confidence in the company’s vision. “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,” Mittal said.
The funds will support projects, including utility-scale solar developments, decentralized agri-photovoltaic initiatives under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, or the PM-KUSUM scheme, and advanced solar module manufacturing facilities.
The PM-KUSUM scheme is a government program that helps farmers install solar irrigation pumps and solar power plants, helping India align with its goal of achieving 500 GW of renewable energy capacity by 2030.
