Avaada Energy secures $38m for Karnataka solar project development

The project located in Kalaburagi district will be completed by Q3 FY2025.

Avaada Energy has achieved a financial close of around $38m (INR315 crore) to support the development of a captive solar power project in the Indian state of Karnataka.

In a statement, Avaada said the financing was secured from Aseem Infrastructure Finance Limited, under around 21-year project loan facility.

“The funding will facilitate the development of this marquee captive project for a cooperative entity, illustrating the pervasive impact of energy transition across the Indian economy,” Avaada Group Chairman Vineet Mittal.

The solar project, expected to be completed in the third quarter of the financial year 2035, is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation Limited.