Avaada Energy receives $143m green financing for Gujarat solar project

The project has a 400 MWp capacity.

Avaada Energy, the renewable arm of Avaada Group, secured green financing of around $143m (INR1,190 crore) from the State Bank of India which will be used for the development of a 400 megawatt-peak utility-scale solar project in Gujarat.

In a statement, Avaada Energy said the power generated from the project located in the Surendra Nagar district will be supplied to the Gujarat Urja Vikas Nigam Limited.

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“We are delighted to strengthen our relationship with the State Bank of India through our project financing agreement. This partnership not only reflects our strategic vision to build a diverse and high-quality portfolio of energy transition assets but also highlights the trust and commitment of leading financial institutions to support renewable energy projects with stable, long-term cash flows,” Avaada Group Chairman Vineet Mittal said.

The green financing is Avaada’s first venture in developing a greenfield project under an existing Special Purpose Vehicle that already has an operational project.