Debt financing
Renewable energy co. Avaada raises Rs.12,800-Cr from SBI, Canara Bank, others
Mumbai-based renewable energy firm Avaada Group has raised INR 12,800-Cr in debt from State Bank of India, Canara Bank, and Rural Electrification Corp. The transaction involves an aggregate loan tenure of 21.5 years.Founded by Vineet Mittal, the firm plans to use the new funds to finance 2.15 GW of renewable energy projects, consisting of 1.35 GW of hybrid renewable energy capacity and 800 MW of solar capacity.The projects are spread across four special purpose vehicles, all of which are wholly owned subsidiaries of the group. These developments have power purchasing agreements signed with Maharashtra State Electricity Distribution and Gujarat Urja Vikas Nigam, with commercial operations scheduled to commence between March 2027 and March 2028.
In Apr 2023, Avaada Ventures had attracted about $ 1,000 M from Brookfield.For FY25, Avaada Ventures had reported about INR 260 Cr in Operating Income and about INR 2,163 Cr in PAT.
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