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Avaada Energy secures Rs 5.97 billion refinancing for solar projects

India, News

Avaada Energy, part of Avaada Group, has secured approximately Rs 5.97 billion in refinancing for its commercial and industrial (C&I) solar projects in Karnataka and Maharashtra.  The refinancing was provided by NIIF Infrastructure Finance Limited (NIIF IFL), a debt fund focused on operational infrastructure projects. Avaada’s solar projects supply power to major corporations such as Bharti Airtel, Motherson, Bharat Forge, STT, Nxtra Data, and Lumax, supporting their energy transition initiatives. The refinancing deal allows Avaada…

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Avaada Group invests Rs 1 trillion in green energy projects in Rajasthan

India, News

Avaada Group has announced a Rs 1 trillion investment in Rajasthan to develop large-scale solar, wind, and green ammonia projects. This move follows the signing of a Memorandum of Understanding (MoU) with the state government, a joint commitment to boosting Rajasthan’s renewable energy infrastructure. The investment will fund major projects, including a 1.2 GW pumped hydro storage project, a 1 million tonne per annum (MTPA) green ammonia facility, a 1 GW wind power project, and…

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Avaada to invest Rs 2.5 trillion in renewable energy and manufacturing

India, News

Avaada Group plans to invest Rs 2.5 trillion over the next seven years across multiple businesses, including facilities for ingot, wafer, and glass manufacturing. The renewable energy provider is also focusing on green hydrogen and ammonia ventures, targeting 11.5 GW of energy capacity by 2026 and 30 GW by 2030. The company is building solar panel factories, with a second module factory under construction in Nagpur and another planned for Greater Noida, aiming for a…

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Avaada Group to invest Rs 50 billion in Madhya Pradesh’s renewable energy

India, News

Avaada Group has proposed an investment of Rs 50 billion in Madhya Pradesh during a meeting with Chief Minister Mohan Yadav on September 16, 2024. This announcement was made during the Renewable Energy Investors Meet in Gandhinagar. Sembcorp Group expressed interest in the Morena and Neemuch solar projects, while Borosil Group plans to set up a solar panel glass production unit. The Wind Power Association requested the development of wind parks, and Torrent Power called…

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India issues 11,098 MW in renewable energy tenders, draws $103 mn in October investments

India, News

In October, India’s renewable energy sector surged with 16 new tenders, totalling a capacity of 11,098 MW.  Auctions allocated 6,316 MW to various developers, pushing India’s total renewable capacity beyond 200 GW, including large hydro, while total electricity generation capacity reached 452.69 GW.  Rajasthan, Gujarat, Tamil Nadu, and Karnataka led in renewable installations. Key tenders included NHPC’s 1,200 MW solar and SECI’s 1,200 MW round-the-clock renewables.  NTPC launched a 1,200 MW wind-solar hybrid tender with…

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JSW, Tata Power, Avaada, Juniper win MSEDCL’s 1,650 MW wind-solar auction

India, News

Maharashtra State Electricity Distribution Company (MSEDCL) has selected JSW Neo Energy, Tata Power Renewable Energy Limited (TPREL), Avaada Energy, and Juniper Green Energy as the winners of its 1,650 MW wind-solar hybrid auction. These companies will supply power on a long-term basis from grid-connected intrastate projects. JSW Neo secured 600 MW, including 400 MW under the greenshoe option, while Tata Power won 400 MW, with 200 MW under the greenshoe option. Avaada Energy was awarded…

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Hero, Zelestra, Juniper, ReNew, Avaada declared winners of SJVN’s 1.2 GW FDRE II Auction

India, News

Hero Solar Energy, Ganeko Solar (Zelestra), Juniper Green Energy, ReNew, and Avaada have emerged as winners in SJVN’s auction for supplying 1,200 MW of firm and dispatchable power. The power will come from inter-state transmission system (ISTS)-connected renewable energy projects with energy storage systems, under the FDRE II competitive bidding. Juniper, ReNew, Zelestra, and Hero secured 200 MW, 150 MW, 140 MW, and 120 MW, respectively, at Rs 4.25 per kWh. Avaada was awarded 590…

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Avaada lays foundation stone for Rs 136.5 billion plant in Nagpur

India, News

Avaada Group has laid the foundation stone for a Rs 136.5 billion manufacturing facility at Addl. Butibori Industrial Park in Nagpur. The project, aimed at boosting India’s renewable energy capabilities, will create over 5,000 jobs and support the country’s goal to cut carbon emissions by 50% by 2030. The plant, inaugurated by Maharashtra Deputy Chief Minister Devendra Fadnavis, will focus on the solar value chain, including ingot-wafer, PV cells, and modules, as well as next-generation…

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Renewable energy developers commit massive capacity investments at RE-Invest 2024

India, News

At the RE-Invest event in Gandhinagar, Gujarat, several renewable energy developers have made significant capacity creation commitments as part of their “Shapath Patra” agreements with the government. Reliance Industries (RIL) has pledged to set up 100,000 MW of additional renewable capacity by 2030, alongside manufacturing 20,000 MW per year of integrated solar PV and equivalent glass capacity. Other major commitments include: NTPC Ltd: 41,300 MW ReNew: 40,000 MW Adani Green Energy: 38,300 MW Hero Future…

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Indian metal companies race to secure renewable energy amid EU carbon regulations

India, News

Indian steel and metal companies are rushing to secure renewable energy deals to cut carbon emissions and avoid penalties under the EU’s upcoming Carbon Border Adjustment Mechanism (CBAM). This demand extends beyond large steel and aluminium companies to their suppliers, aiming to reduce emissions across their supply chains. Renewable energy providers report that demand outstrips current capacity, with new projects already sold out for the next few years. Avaada chairman Vineet Mittal indicated that due…