Avaada Group announced securing ₹8,500 crore in funding from a consortium of lenders, including SBI and Yes Bank, to support nine renewable energy projects. The financial closure encompasses a diverse portfolio, including utility-scale independent power projects (IPPs), large-scale agri-photovoltaic projects, merchant power generation, commercial and industrial ventures, and the group’s green module manufacturing operations.
“Avaada Group has successfully closed financing for nine projects across its business segments, amounting to ₹8,500 crore (USD 1 billion), reaffirming its commitment to driving renewable energy advancements across India,” the company stated.
The funding involved partnerships with a wide range of financial institutions, including public sector banks like SBI and Union Bank, specialized lenders such as NABFID and PFC, and private institutions like Standard Chartered, Axis Bank, Yes Bank, Tata Capital, Aseem Infra, and NIIF, among others. Chairman Vineet Mittal emphasized the significance of these financial commitments, highlighting the group’s capability to structure and execute large-scale renewable energy initiatives.
Avaada Group is a leading Indian conglomerate focused on sustainable energy solutions, primarily specializing in renewable energy generation, storage, and distribution. With a strong presence in the solar power sector, the company is committed to driving India’s transition to a greener and more sustainable future.
Avaada has developed and operates several large-scale solar power projects across the country, contributing significantly to India’s renewable energy capacity. The group also has a diverse portfolio, including initiatives in energy storage, green hydrogen, and electric mobility. Avaada Group’s commitment to innovation, environmental responsibility, and clean energy positions it as a key player in India’s renewable energy landscape.
