Avaada Energy, the renewable energy arm of Avaada Group, has concluded a significant refinancing deal worth INR 4,471 crore (around $535 Million) with NaBFID, a state-owned lender in India. The transaction involves four solar projects with a combined capacity of approx. 1,700 MW in Rajasthan. Rated ‘AA (Stable)’ by CareEdge Ratings, the deal enables the prepayment of existing loans and provides an exit for multiple lenders. NaBFID, a specialized institution under the Government of India, has sanctioned the 20-year Rupee Term Loan (RTL) facility, marking a substantial improvement over previous arrangements.
Avaada Energy secures INR 4,471 crore refinancing
The refinancing, through a Restricted Group structure, involves four 1,700 MW PV projects in Rajasthan, rated ‘AA Stable)’ by CareEdge Ratings. (Image Credit: Avaada Energy)
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