Avaada is targeting an extensive portfolio of 5 GW solar projects across Asia and Africa of which about 2.4 GW capacities are under implementation.
Avaada Energy has announced that it has received an investment of Rs 1,000 crore for financing its 2.4 GW solar energy portfolio of the targeted 5 GW capacity in Asia and Africa.
The investment has come from Asian Development Bank; DEG, the German Development Finance Institution, Netherlands Development Finance Company FMO and company’s promoter, a statement said.
The 2.4 GW capacities funded through this infusion will facilitate Avaada’s leadership role in India’s transition to clean energy and contribution in achieving the government’s vision of 100 GW of solar energy by 2022.
“At Avaada our business strategies are interwoven with the ancient Indian principle of sustainability ’. We are harnessing the power of the sun to ensure a sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. I am thankful and appreciate the repeat investments by ADB and DEG in our renewable energy ventures. Investments by these global financial stalwarts revalidate our impeccable execution track record, high performing assets generating maximum returns for all our stakeholders,” Avaada Group Chairman Vineet Mittal said.
Avaada Energy is a developer of renewable energy projects, backed by its strong Engineering, Procurement and Construction (EPC) capabilities.
Last month, Manila-based Asian Development Bank (ADB) announced that it has inked an agreement to invest $50 million in solar energy project developer Avaada Energy Pvt Ltd to help the company scale up rapidly. The investment will come equally from ADB’s Ordinary Capital Resources and Leading Asia’s Private Infrastructure Fund (LEAP).
“Supporting renewable energy capacity enhancement by way of debt and equity is a key focus area of ADB’s private sector strategy,” said Mayank Choudhary, ADB Principal Investment Specialist. He said the investment in Avaada will enable the company to expand its renewable energy capacity and send positive signals to global investors to continue supporting the growth of renewable energy in India.