~ INR 1000 Crores investments received from ADB, DEG, FMO and promoters ~
~Company has currently 2.4 GW of renewable portfolio under implementation and is targeting to expand
to 5 GW over next two years ~
~ Company has executed more than 2 GW renewable projects till date~
Mumbai: Avaada Energy Pvt Ltd, clean energy arm of Avaada Group and a leading solar project developer, received INR 1,000 crore investments for financing its 2.4 GW renewable energy portfolio of the targeted 5 GW capacity. The equity infusion was split between Asian Development Bank, DEG the German Development Finance Institution, Netherlands Development Finance Company FMO and promoter’s equity.
The 2.4 GW capacities funded through this infusion will facilitate Avaada’s leadership role in India’s transition to clean energy and contribution in achieving Government of India’s vision of 100 GW of solar energy by 2022.
Reinforcing its commitment towards bringing sustainable energy to developing economies; Avaada is targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa of which about 2.4 GW capacities are currently under implementation.
Speaking on this development Vineet Mittal, Chairman Avaada Group said, “At Avaada, our business strategies are inter-woven with the ancient Indian principle of ‘sustainability’. We are harnessing the power of the sun to ensure sustainable world for future generations.
We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. I am thankful and appreciate the repeat investments by ADB and DEG in our renewable energy ventures. Investments by these global financial stalwarts revalidates our impeccable execution track record, high preforming assets generating maximum
returns for all our stakeholders”
About Avaada Energy Private Limited (avaadaenergy.com)
Avaada Energy aims to craft a sustainable future by working for the benefit of the environment and all communities. With a vision to create a world powered by sustainability, Avaada Energy is a leading developer of renewable energy projects, backed by its strong Engineering, Procurement & Construction (EPC) capabilities. Meeting infrastructural and quality standards, the team is targeting an extensive portfolio of 5 GW solar projects across Asia and Africa. Avaada has executed over 2 GW of renewable capacities across varied geographies in India.
Disclaimer: The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this press release shall constitute an invitation to invest in Avaada Energy Pvt. Ltd. or any of its affiliates. Neither Avaada Energy Pvt. Ltd., nor their or their affiliates’ officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this press release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.
Source: avaada
