Avaada Energy, an arm of Avaada Group, has successfully secured approximately Rs 5.97 billion in refinancing. These funds will be utilised for its commercial and industrial (C&I) solar projects in Karnataka and Maharashtra. The refinancing was secured from NIIF Infrastructure Finance Limited (NIIF IFL). These projects currently supply electricity to various corporates in the country, including Bharati Airtel, Motherson, Bharat Forge, Nxtra Data, and Lumax.
NIIF IFL is an infrastructure debt fund dedicated to refinancing high-quality operational infrastructure projects. The refinancing from NIIF IFL secured significantly improved commercial terms to facilitate prepayment of existing loan facility and delivering reduction in finance costs while releasing capital for future deployment.
In July 2024, Avaada Energy bagged letter of award (LoA) for 820 MWp of hybrid inter-state transmission system (ISTS) capacity from SJVN Limited in the recent e-reverse auction conducted in June 2024. In May 2024, Avaada Energy has bagged $38 million for a captive solar project located in the Kalaburagi district of Karnataka. The funding raised from Aseem Infrastructure Finance Limited (AIFL), a non-banking finance company will support Avaada’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation Limited. This financing had been approved as a 21-year project loan facility.
