Avaada Group has successfully secured ₹8,500 crore in financing from a consortium of lenders, including State Bank of India (SBI) and Yes Bank, to support nine renewable energy projects. The funding will be used for a variety of initiatives, such as utility-scale independent power projects (IPPs), large-scale agri-photovoltaic projects, merchant power generation, commercial and industrial ventures, and the group’s green module manufacturing operations.
In a statement, the company said, “Avaada Group has achieved financial closure for nine projects across its business segments, totaling ₹8,500 crore (USD 1 billion). This reaffirms our commitment to advancing renewable energy solutions across India.”
The financing involved collaboration with a diverse group of financial institutions. Public sector banks like SBI and Union Bank, specialized lenders such as NABFID and PFC, and private institutions like Standard Chartered, Axis Bank, Yes Bank, Tata Capital, Aseem Infra, and NIIF were part of the consortium.
Vineet Mittal, Chairman of Avaada Group, highlighted the importance of the funding. He emphasized the group’s ability to structure and execute large-scale renewable energy projects, showcasing its leadership in India’s clean energy transition.
This move marks a significant step in Avaada Group’s efforts to expand its renewable energy footprint and contribute to India’s sustainable energy goals.
