Avaada Group gets Rs 8,500 cr commitments for nine projects for Q3FY24

Avaada Group on Wednesday said it had secured Rs 8,500 crore worth of financial commitments from multiple lenders, including SBI and Yes Bank, for nine of its projects for Q3 FY24.

The financial closure for the 9 projects includes a mix of utility-scale independent power projects (IPPS), large-scale agri photovoltaic projects, merchant power generation projects, commercial and industrial projects and the group's green module manufacturing business.

"Avaada Group has successfully completed financing/ refinancing of 9 of its projects across the business divisions totalling for an amount of Rs 8,500 crore (USD 1 billion), showcasing the company's commitment to advancing renewable energy solutions across India," the company said in a statement.

These financing came through multiple transactions with a diverse set of lenders ranging from leading public sector banks like SBI and Union Bank, financial institutions like NABFID and PFC, and from sector Standard Chartered, Axis Bank, Yes Bank, Tata Capital, Aseem Infra and NIIF among others, it added.

Securing the financing commitments from such a large group of lenders demonstrates the group's ability to structure and execute diverse renewable energy projects at scale, Vineet Mittal, Chairman of Avaada Group, said.

Avaada Group specialises in solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects.