Avaada Energy secures Rs 4,471 crore refinancing from lender Nabfid

Avaada Energy, the renewable energy arm of Avaada Group, announced on Thursday the successful closure of refinancing transactions worth Rs 4,471 crore ($535 million) from the state-owned lender, the National Bank for Financing Infrastructure and Development (Nabfid). The company in a public statement claimed it to be one of the largest refinancing transactions in India’s renewable energy sector.

 
"This refinancing transaction, conducted under a Restricted Group (RG) structure, encompasses four ISTS-connected solar projects with a combined capacity of 1,700 MWp in the state of Rajasthan," said the company's statement.
 
The structure has been rated as ‘AA (Stable)’ by CareEdge Ratings, it said.

 
The facility, sanctioned and disbursed as a 20-year Rupee Term Loan (RTL) facility, achieves significant commercial improvements over the earlier facilities prepaid, it further said.