Avaada Energy Gathers Rs 315Cr To Support Internal Solar Initiative

Avaada Energy investments

Three points you will get to know in this article:

  • Avaada Energy gets ₹315 crore from Aseem Infra for 210 MW solar project in Karnataka.
  • Project increases energy independence for industrial consumers through long-term PPA.
  • Avaada’s investment reflects 11 GW target and clean energy portfolio.

Introduction to Avaada

Avaada Energy logo

Avaada is one of India’s largest renewable power generators, and has expanded its presence in Solar PV Manufacturing, Green Hydrogen & its Derivatives like Green Ammonia, Green Methanol and Sustainable Aviation Fuel, and Pumped Hydro. Avaada’s mission is to enlighten, empower and energize every community, socially and economically, to realize their highest potential. Avaada’s vision is to achieve 30 GW of installed Renewable Energy capacity, with a $20 billion asset base by 2030, thereby positively impacting 1 million lives, by setting up Green Hydrogen and Green Ammonia capacities to help India reduce its carbon emissions, and establishing a Solar Manufacturing unit to achieve self-sufficiency in the Renewable Energy sector.

Avaada Secures ₹315 Crore for Karnataka Solar Project

Avaada Energy, a prominent player in the renewable energy industry, has secured Rs 315 crore in funding from Aseem Infrastructure Finance Ltd (AIFL) for its captive solar project in Karnataka. The project, situated in the Kalaburagi district, is being constructed under a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers’ Federation Ltd (KMF). The goal is to increase energy independence for industrial consumers through a captive model, in which the power generated is mainly consumed by the investors. The 210 MW solar plant is projected to have a major impact on lowering carbon emissions and encouraging sustainable energy practices in the area.

Aseem Infrastructure Finance’s investment highlights the increasing focus on renewable energy in India. Aseem Infrastructure Finance Ltd (AIFL), an Infrastructure Finance Company, is dedicated to significantly advancing Indian infrastructure debt financing. The Rs 315 crore financing, structured as a 21-year project loan facility on highly competitive terms, reflects Avaada’s robust project financing capability and risk-mitigated development strategy.

Karnataka Dairy Co-op Partners on Captive Solar

The project is set to be finished in the third quarter of the fiscal year 2025 (Q3 FY25). This project is in line with Avaada Group’s overall sustainability strategy and dedication to promoting national self-reliance and creating a more environmentally friendly future. KMF, the top organization for the dairy cooperative movement in Karnataka, holds an A+ (Stable) rating from ICRA, highlighting its financial stability and dependability.

Avaada Targets 11 GW Renewables by 2026

This initiative is integral to Avaada’s ambitious plan to reach 11 GW of renewable energy capacity by 2026, significantly advancing India’s renewable energy goals. Additionally, Avaada is active in solar PV manufacturing and the production of green fuels such as green ammonia and green methanol.

This holistic strategy establishes Avaada as a crucial contributor to India’s shift towards sustainable energy. Achieving this financial milestone not only bolsters Avaada’s standing in the renewable energy sector but also highlights growing investor confidence in sustainable energy ventures.

Global Solar Boom Fuels Avaada's Expansion

The solar photovoltaic (PV) sector is experiencing rapid growth on a global scale, with substantial increases in installed capacities observed in countries such as the United States, China, and the European Union.

Avaada Energy has secured ₹315 crore in funding from Aseem Infrastructure Finance Ltd (AIFL) for a 210 MW captive solar project in Karnataka. This project, developed under a long-term PPA with the Karnataka Cooperative Milk Producers’ Federation, aims to boost energy independence for industrial consumers through a captive model. The investment highlights growing investor confidence in Avaada’s renewable energy strategy, which includes plans to reach 11 GW of capacity by 2026. Avaada’s holistic approach, encompassing solar manufacturing and green fuel production, positions the company as a key contributor to India’s sustainable energy transition amidst the global solar PV sector’s rapid expansion.

SA Team

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