Avaada secures $950 million from global, domestic Banks

Avaada secures $950 million from global, domestic Banks

Synopsis

Avaada Group has achieved a major milestone. The company announced financial closure for its firm and dispatchable renewable energy project in Bikaner. This marks India’s largest fundraise in the segment. Avaada also secured debt financing for two 300 MW solar power projects in Rajasthan and Gujarat.

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Mumbai: Clean energy company Avaada Group on Monday announced financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, calling it India’s largest fundraise in the segment to date.

The Mumbai-based company also said that it has secured debt financing for two 300 MW solar power projects located in Rajasthan and Gujarat. “With this, Avaada has achieved total debt sanctions of nearly $950 million across three large utility-scale renewable energy projects,” it said.

The FDRE project in Bikaner, Rajasthan, is being developed under a long-term power purchase agreement (PPA) with SJVN. The project represents the next generation of renewable energy infrastructure by combining renewable generation with firm and dispatchable supply capabilities, enabling greater grid stability and reliable round-the-clock delivery of clean power.

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The 300 MW solar power project in Rajasthan has a long-term PPA with state-run power producer NTPC, while the 300 MW solar power project in Gujarat is backed by a PPA with SECI.

Debt financing for these three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas.