Avaada Group seeks $800-M to refinance debt

Mumbai-based Avaada Group is raising $800-M in a transaction that is being arranged by a consortium of lenders including DBS Bank, MUFG, Nomura Holdings, Standard Chartered, JPMorgan Chase, Verdafin Capital, and Barclays.The company plans to use the funds to lower finance costs and optimise its debt structure ahead of a planned public market listing. The financing is expected to be split between offshore loans and local non-convertible debentures (NCDs). This capital will replace part of the $1-B senior unsecured optionally convertible debentures previously issued to Brookfield Renewable in 2023.Avaada is focused on the capital-intensive expansion of its renewable energy generation and manufacturing businesses. The group, which operates over 8 GW of solar module manufacturing capacity, plans to add more than 10 GW over the next two years.