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Avaada Energy Secures INR 4,471 Crore Refinancing for Solar Projects in Rajasthan

Mumbai, India – April 30, 2024 – Avaada Energy, a leading renewable energy company in India, announced the successful closure of a major refinancing deal worth INR 4,471 crore (approximately USD 535 million). This transaction is considered one of the largest in the country’s renewable energy sector.

The funding, secured from the National Bank for Financing Infrastructure and Development (NaBFID), enables Avaada to prepay existing loans on four operational solar projects with a combined capacity of 1,700 MWp located in Rajasthan. The refinancing provides Avaada with a 20-year rupee term loan with improved commercial terms compared to previous loans.

This accomplishment strengthens Avaada’s financial health and supports its mission for a sustainable future. The stable long-term cash flow generated by the refinanced projects will contribute significantly to India’s renewable energy goals and empower Avaada to reduce the global carbon footprint.

“We are delighted to achieve this milestone by refinancing four of our largest solar projects in Rajasthan,” said Mr. Vineet Mittal, Chairman of Avaada Group. “This transaction allows us to consolidate our debt with a single lender, NaBFID, and highlights the growing interest of financial institutions in supporting bankable renewable energy projects.”

About Avaada Group

Avaada Group is a prominent player in the energy transition. Their focus areas include renewable energy generation, solar PV manufacturing, development of clean fuels like green ammonia and methanol, and providing energy storage solutions. Under Mr. Vineet Mittal’s leadership, Avaada has become a key global energy leader.

Avaada Energy, the group’s renewable energy arm, aims to achieve an impressive 11 GWp capacity by 2026. Their proven track record and strong execution capabilities have attracted significant international investments, including a recent fund commitment of USD 1.3 billion, with USD 1 billion from Brookfield’s Energy Transition Fund and USD 300 million from GPSC, PTT Group of Thailand.

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