Avaada gets 12,800-cr loan to money jobs

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ET BureauLast Updated: Jul 31, 2026, 02:06:00 AM IST

Mumbai: Renewable energy business Avaada Group has actually protected about 12,800 crore ($ 1.3 billion) from State Bank of India( SBI ), Canara Bank and Rural Electrification Corp (REC)to fund jobs in Gujarat and Maharashtra. This is among the biggest term-financing handle the nation this year.

Avaada creator and chairman Vineet Mittal validated to ET that the 3 lending institutions have actually begun the loan dispensation for a 1.35 GW hybrid renewable resource tasks and 800 MW of solar capability in Gujarat and Maharashtra. These tasks will start business output beginning March 2027. “These are new projects which are coming up and which have ready power purchasing agreements (PPAs) signed,” Mittal stated. “This is all fresh funding for these projects, some of which will start in March 2027 and March 2028 in Gujarat and Maharashtra.”

The jobs are throughout 4 unique function automobiles(SPVs), with an overall renewable resource portfolio of 2.15 GW. That consists of 1.35 MW of hybrid renewable resource capability and 800 MW of solar capability contracted with Maharashtra State Electricity Distribution (MSEDCL) and Gujarat Urja Vikas Nigam (GUVNL).

Mittal stated the aggregate period of the loans is 21.5 years. He decreased to provide the prices of the loans.

“All these four SPVs are 100% subsidiaries of the group. They have received the finest pricing possible for this term loan. The three lenders are part of the loan as we speak today,” he stated. “It is possible that these lenders downsell the loan to a wider section of banks and financial institutions in the next few months.”

ET might not determine the separation of the loan amongst the 3 existing lending institutions. SBI, Canara and REC did not react to sent by mail questions looking for remark.

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