Avaada Energy secures INR 1,190 crore green financing

Avaada Energy, the renewable energy arm of Avaada Group, has secured INR 1,190 crore (nearly $143 million) in Green Financing from State Bank of India (SBI). This funding will facilitate the development of a 400 MW utility-scale PV power project in Gujarat’s Surendra Nagar district. The entire power output will be procured by Gujarat Urja Vikas Nigam Limited (GUVNL). This marks Avaada’s inaugural greenfield project development under an existing Special Purpose Vehicle (SPV), optimizing its capital and simplifying ownership structures. The 20-year project loan from SBI is anticipated to demonstrate Avaada’s project financing capability.