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.

ALSO READ: Avaada Group to develop 6 GW hybrid wind, solar projects in Gujarat

“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.

Avaada Energy

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