Avaada Energy gets Rs 1,000 cr investment for solar projects

Avaada Energy Tuesday said it has received an investment of Rs 1,000 crore for financing its 2.4 GW solar energy portfolio of the targeted 5 GW capacity in Asia and Africa.

Avaada Energy is a subsidiary of Avaada Group.

The investment has come from Asian Development Bank; DEG, the German Development Finance Institution, Netherlands Development Finance Company FMO and company's promoter, a statement said.

The 2.4 GW capacities funded through this infusion will facilitate Avaada's leadership role in India's transition to clean energy and contribution in achieving the government's vision of 100 GW of solar energy by 2022.

Avaada is targeting an extensive portfolio of 5 GW solar projects across Asia and Africa of which about 2.4 GW capacities are under implementation.

"Investments by these global financial stalwarts revalidates our impeccable execution track record, high preforming assets generating maximum returns for all our stakeholders," Avaada Group Chairman Vineet Mittal said.

Avaada Energy is a developer of renewable energy projects, backed by its strong Engineering, Procurement and Construction (EPC) capabilities.