Avaada achieves $1.3 billion financial closure for 2.15 GW portfolio

The funding from SBI, REC and Canara Bank will support hybrid and utility-scale solar projects being developed for Maharashtra and Gujarat state utilities

Renewable energy company Avaada on Friday announced that it has achieved financial closure of $1.3 billion (around Rs 12,400 crore) for a 2,150 MW renewable energy portfolio. The funds have been sanctioned by State Bank of India (SBI), REC Limited and Canara Bank across four special purpose vehicles (SPVs).

 

The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for state utilities Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL), it said.

 

These projects include the development of over 3 GW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.

 

“India's clean energy journey now demands not only rapid capacity addition but also reliable, dispatchable and cost-competitive renewable power that strengthens energy security while supporting economic growth. Our hybrid projects have been designed to deliver greater reliability and grid stability, while our solar projects will provide affordable clean electricity to Maharashtra and Gujarat under long-term power purchase agreements,” said Chairman Vineet Mittal.

 

Last month, Avaada secured debt financing of nearly $950 million for a firm and dispatchable renewable energy project in Bikaner, Rajasthan, along with two 300 MW solar power projects in Rajasthan and Gujarat.

 

The group currently has an operational renewable energy capacity of 7.2 GW, with another 10.5 GW under construction, which is expected to be commissioned over the next two years. It has also expanded its presence in solar photovoltaic (PV) manufacturing, green hydrogen and its derivatives such as green ammonia and green methanol, pumped hydro projects, green data centres and battery energy storage systems.

 

Its solar manufacturing arm, Avaada Electro, recently commissioned a 3 GW production line at its planned 6 GW N-type TOPCon solar cell manufacturing facility in Butibori, Nagpur.