Published On:May 30 2024
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Avaada Energy Secures ₹315 Crore Financing for Captive Solar Project

Avaada Energy announced on Wednesday that it has successfully secured ₹315 crore (approximately $38 million) in financing from Aseem Infrastructure Finance Limited (AIFL). Avaada Energy, part of the Avaada Group, will use the funds to develop a solar PV power project in Karnataka's Kalaburagi district. This project will operate under a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers’ Federation (KMF), the apex body for the dairy cooperative movement in the state.

AIFL, an Infrastructure Finance Company, aims to play a transformative role in the growth of Indian infrastructure debt financing. The financing, sanctioned as a nearly 21-year project loan facility, was obtained on highly competitive terms.

Vineet Mittal, Chairman of the Avaada Group, stated, "The successful financial closure of ₹315 crore demonstrates our strong relationship with Aseem Infrastructure Finance. This renewed partnership underscores the trust and confidence leading financial institutions like Aseem have in Avaada’s capabilities."

Mittal highlighted that the funding will support the development of this significant captive project for a cooperative entity, showcasing the widespread impact of energy transition on the Indian economy. The project, expected to be completed during Q3 FY25, aligns with Avaada Group’s sustainability strategy and commitment, playing a crucial role in driving national self-reliance and promoting a greener future.

HBL





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