Avaada Group has achieved debt closure of nearly $950 million for three utility-scale renewable energy projects under development in Rajasthan and Gujarat.
The financing covers a firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan, along with two 300 MW solar power projects in Rajasthan and Gujarat. The FDRE project has a long-term power purchase agreement (PPA) with SJVN Limited. Meanwhile, the Rajasthan and Gujarat solar projects are backed by PPAs with NTPC Limited and Solar Energy Corporation of India Limited, respectively. The projects have secured loan funding from a consortium of domestic and international banks. All three projects are under construction are scheduled for commissioning during FY2027-28.