India’s Avaada secures $1.3b financing for 2,150 MW renewable energy portfolio

Portfolio includes 1.35 GW hybrid and 800 MW solar projects.

Avaada Group has secured approximately $1.3b in financing for a 2,150-megawatt (MW) renewable energy portfolio.

The financing was provided by State Bank of India, REC Limited, and Canara Bank across four special purpose vehicles.

The portfolio comprises 1.35 gigawatts (GW) of hybrid renewable energy projects and 800 MW of utility-scale solar projects for Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL).

The projects will develop more than 3,000 MW of solar capacity and 450 MW of wind capacity across Gujarat and Maharashtra.

The 1,350 MW hybrid portfolio combines solar and wind resources to improve power supply reliability for MSEDCL, whilst the 800 MW solar portfolio will provide renewable electricity to GUVNL and MSEDCL under long-term power purchase agreements.

Once commissioned, the projects are expected to support India's renewable energy targets by increasing clean power generation, strengthening grid resilience, reducing reliance on fossil fuels, and cutting carbon emissions.

Avaada said the financing reinforces its strategy of expanding its renewable energy portfolio through long-term contracted revenues and disciplined project execution.