Avaada Group Secures $1.3 Billion Financial Closure to Accelerate 2,150 MW Capacity.

Avaada Group recently announced the financial closure of $1.3 billion for its 2,150 MW renewable energy portfolio spread across Gujarat and Maharashtra.

The funding has been sanctioned by Indian financial institutions, including State Bank of India (SBI), REC Ltd and Canara Bank, across four Special Purpose Vehicles (SPVs), the company said in a statement.

The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects. These projects are being developed for state power distribution utilities, Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL).