Avaada Secures $1.3 Billion Financing for 2.15 GW Renewable Energy Portfolio

MT Newswires Live

07/31

Avaada Group has achieved financial closure of about $1.3 billion for a 2.15 GW renewable energy portfolio comprising hybrid renewable and utility-scale solar projects.

The financing has been sanctioned by State Bank of India (NSE:SBIN, BOM:500112), REC (NSE:RECLTD, BOM:532955) and Canara Bank (NSE:CANBK, BOM:532483) across four special purpose vehicles.

The portfolio includes 1.35 GW of hybrid renewable energy projects and 800 MW of solar projects being developed for Maharashtra State Electricity Distribution and Gujarat Urja Vikas Nigam.

The projects across Gujarat and Maharashtra involve developing more than 3 GW of solar capacity and 450 MW of wind capacity, the company said.

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