Avaada Energy, the renewable energy division of Avaada Group, revealed that it has secured approximately Rs 11.9 billion in green financing from the State Bank of India (SBI). The funding was obtained through a 20-year project loan at favorable terms. Avaada will deploy this funding to advance the construction of its 400 MWp utility-scale solar PV power project in Gujarat’s Surendra Nagar district. Gujarat Urja Vikas Nigam Limited will buy all the power produced from project.
This transaction represents Avaada’s first foray into creating a greenfield project under an existing special purpose vehicle with an already-operational project which will allow the company to optimise its capital structure and streamline the ownership setup of its project subsidiaries.
Recently, in April 2024, Avaada Energy secured a refinancing deal worth Rs 44.71 billion with the National Bank for Financing Infrastructure and Development.
In March 2024, Avaada Energy obtained the letter of award to construct and manage 1,138 MW of distributed agricultural solar PV power projects.
