You are here: Home » Companies » News
Business Standard

Avaada Energy gets $15 mn funding from French finance institution Proparco

In April, Avaada received a total investment of over Rs 1,000 crore from Asian Development Bank, DEG, Dutch finance development company FMO and company's promoter

Press Trust of India  |  New Delhi 

Overnight schemes gain traction as Sebi tightens norms on liquid funds
Representative Image

Solar projects developer Energy on Friday said it has secured $15 million (around Rs 107.55 crore) from French development finance institution Proparco.

In April, received a total investment of over Rs 1,000 crore from Asian Development Bank, DEG, Dutch finance development company FMO and company's promoter.

"Energy...has received $15 million in equity investments from Proparco, a French development finance institution for part financing its renewable energy portfolio of the targeted 5 GW capacity," the company said in a statement.

This clearly establishes the capability and strength of Avaada in executing renewable projects and attracting quality global investors. Avaada will continue to seek investment from quality long-term investors to grow its portfolio which will help the country's fight against climate change, it said.

"Avaada is committed to providing sustainable environment for future generation. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. Recently we have received investments from ADB, DEG and FMO," Vineet Mittal, Chairman of Avaada Group said.

Avaada Energy is a developer of renewable energy projects, backed by its strong engineering, procurement and construction (EPC) capabilities.

First Published: Fri, November 22 2019. 16:05 IST
RECOMMENDED FOR YOU