Avaada secures financial closure for three renewable energy projects
Avaada Group has achieved financial closure for three utility-scale renewable energy projects, with total debt sanctions approaching USD 950 million. The portfolio includes what the company described as India’s largest financing transaction in the Firm and Dispatchable Renewable Energy (FDRE) segment.
The projects include an FDRE project in Bikaner, Rajasthan, being developed under a long-term power purchase agreement (PPA) with SJVN. According to Avaada, this represents the largest FDRE financing transaction completed in India to date.
The company has also secured financing for a 300 MW solar project in Rajasthan backed by a long-term PPA with NTPC, and a 300 MW solar project in Gujarat supported by a PPA with the Solar Energy Corporation of India (SECI).
All three projects are currently under construction and are expected to be commissioned during FY2027–28.
Debt financing for the projects was arranged through separate lending consortiums comprising domestic and international financial institutions, including Standard Chartered Bank, State Bank of India (SBI), HSBC, DBS, Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ Financial Group (MUFG), and BNP Paribas.
Vineet Mittal, Chairman of Avaada Group, said the financing milestone reflects growing investor confidence in advanced renewable energy solutions capable of providing reliable round-the-clock green power. He added that the transaction marks a significant step in the development of India’s FDRE market.
The latest financing follows a series of large fund-raising transactions by the group. In January 2025, Avaada completed financing and refinancing transactions worth Rs 8,500 crore across nine projects, involving lenders including SBI, Union Bank of India, National Bank for Financing Infrastructure and Development (NaBFID), Power Finance Corporation (PFC), Standard Chartered, Axis Bank, Yes Bank, Tata Capital, Aseem Infrastructure Finance, and National Investment and Infrastructure Fund (NIIF).
In 2024, the company secured approximately Rs 4,471 crore from NaBFID in one of the largest refinancing transactions in India’s renewable energy sector.
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