Avaada Energy secures Rs 5.97 billion refinancing for solar projects

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 to prepay existing loans and reduce finance costs, freeing up capital for future investments.

Vineet Mittal, chairman of Avaada Group, emphasized that this refinancing underscores the company’s strategy of building a high-quality energy transition portfolio, improving the financial position of its projects, and delivering value to stakeholders.