Debt financing
Avaada Group raises $950-M for 3 renewable energy projects
The Avaada Group has raised debt financing for two 300 MW solar power projects, one in Rajasthan and another in Gujarat. With this, Avaada has achieved total debt sanctions of nearly USD 950 million across three large utility-scale renewable energy projects.The FDRE project in Bikaner, Rajasthan, is being developed under a long-term Power Purchase Agreement with SJVN. The 300 MW solar project in Rajasthan is supported by a power purchase agreement with NTPC, while the 300 MW solar project in Gujarat is backed by a pact with Solar Energy Corporation of India (SECI). The company expects to commission all three projects during the 2028 fiscal year.The debt financing was raised through separate consortiums of multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG, and BNP Paribas.
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