Avaada secures USD 1.3 billion financing for 2,150 MW renewable portfolio
Avaada Group has achieved financial closure of approximately USD 1.3 billion for a 2,150 MW renewable energy portfolio comprising hybrid and utility-scale solar projects in Gujarat and Maharashtra.
The integrated energy transition company secured the financing from State Bank of India (SBI), REC Limited and Canara Bank across four Special Purpose Vehicles (SPVs), according to a company statement. The financing adds to Avaada’s recent fund-raising for large renewable energy projects and reflects the growing role of domestic financial institutions in backing the sector.
The 2,150 MW portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL).
Across multiple locations in Gujarat and Maharashtra, the projects collectively involve development of more than 3,000 MW of solar capacity and 450 MW of wind capacity.
Project portfolio
The 1,350 MW hybrid portfolio combines solar and wind resources to improve power availability and supply reliability for MSEDCL.
The 800 MW utility-scale solar portfolio will supply renewable electricity under long-term Power Purchase Agreements (PPAs) with GUVNL and MSEDCL. The projects are intended to meet growing clean energy demand in Gujarat and Maharashtra while providing competitively priced renewable electricity.
The latest financing supports Avaada’s long-term growth strategy and indicates continued lender appetite for renewable energy projects backed by creditworthy state utilities.
Earlier financing
Earlier this year, Avaada secured total debt sanctions of nearly USD 950 million across three large utility-scale renewable energy projects.
The financing included financial closure for the company’s Firm and Dispatchable Renewable Energy (FDRE) project in Bikaner, Rajasthan.
Debt for the three projects was raised through separate consortiums comprising multinational and domestic banks, including Standard Chartered Bank, SBI, HSBC, DBS, SMBC, MUFG and BNP Paribas.
All three projects are currently under construction and are expected to be commissioned during FY2027–28.
Leadership view
Commenting on the latest financing, Vineet Mittal, Chairman of Avaada Group, said, “The financial closure of over USD 1.3 billion for this strategically important renewable energy portfolio represents a significant milestone for Avaada Group. The confidence reposed in us by State Bank of India, REC Limited, Canara Bank, and our lending partners is a strong endorsement of our governance standards, disciplined execution capabilities, and long-term vision of accelerating India’s energy transition.
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. As we continue to scale, our focus remains unwavering—to deploy capital responsibly, commission these projects on schedule, create long-term value for all stakeholders, and contribute meaningfully towards India’s ambition of becoming a global clean energy leader.”
The featured photograph is for representation only.
