Avaada Group has completed Rs 85 billion in financing and refinancing for nine projects across its business divisions. The financing encompasses utility-scale solar projects in independent power producer (IPP) mode, agrivoltaic projects under the PM-KUSUM scheme, merchant power generation projects, commercial and industrial (C&I) solar projects, and the group’s solar module manufacturing facilities.
The financing was carried out through multiple transactions involving a diverse group of lenders, including public-sector banks such as the State Bank of India and Union Bank, public-sector financial institutions like NABFID and PFC, and private-sector or multinational banks and institutions, including Standard Chartered, Axis Bank, Yes Bank, Tata Capital, Aseem Infra, and NIIF, among others.
In October 2024, Avaada Energy secured approximately Rs 5.97 billion in refinancing from NIIF Infrastructure Finance Limited for its commercial and industrial solar projects in Karnataka and Maharashtra.
