Debt

Debt financing

Renewable energy player Avaada seeks $750-M to refinance debt

Economic Times  

The founder of Avaada Group, Vineet Mittal, is planning to raise a USD 750 million loan from global lenders. The financing is intended to refinance an existing USD 1 Billion credit facility issued by Brookfield in 2023 to the firm’s entity, Avaada Ventures.The company has mandated Barclays and DBS Bank to underwrite the transaction, with other global lenders, including Standard Chartered, Nomura Holdings, and JPMorgan Chase, currently in talks to participate as lenders.Avaada is a renewable energy developer with a portfolio encompassing solar, wind, and hybrid power projects. The company is exploring a potential initial public offering for its solar cell unit, Avaada Electro.The proposed financing package is expected to be split into an offshore loan and rupee-denominated bonds with a tenor of approximately three years.