Avaada Group has achieved financial closure of approximately USD 1.3 billion for its 2,150 MW renewable energy portfolio. The financing has been secured from State Bank of India, REC Limited and Canara Bank across four special purpose vehicles.
The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for Maharashtra State Electricity Distribution Company Limited and Gujarat Urja Vikas Nigam Limited. Collectively, these projects involve the development over 3 GW of solar capacity and 450 MW of wind capacity across Gujarat and Maharashtra.