Avaada Energy has secured a loan of Rs 11.90 billion from the State Bank of India (SBI) to facilitate a new solar venture in Gujarat.
The financing, structured as a 20-year project loan, will support the development of a 400 MWp utility-scale solar photovoltaic power project in the Surendra Nagar district of Gujarat. The electricity generated by this project will be procured by Gujarat Urja Vikas Nigam Limited.