New Delhi: Avaada Group on Friday announced the financial closure of USD 1.3 billion for its 2,150 MW renewable energy portfolio in Gujarat and Maharashtra.
The financing has been sanctioned by Indian financial institutions, including State Bank of India (SBI), REC Ltd and Canara Bank, across four Special Purpose Vehicles (SPVs), Avaada Group said in a statement.
The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for leading state distribution companies, Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL).
Collectively, these projects will involve the development of more than 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.
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The scale of financing and participation by India's leading financial institutions underscores strong confidence in Avaada's governance, disciplined project execution, robust asset quality and long-term growth strategy, the company said.
Vineet Mittal, Chairman, Avaada Group, said, "The financing closure of over USD 1.3 billion for this strategically important renewable energy portfolio represents a significant milestone for Avaada Group. Our hybrid projects have been designed to deliver greater reliability and grid stability, while our solar projects will provide affordable clean electricity to Maharashtra and Gujarat under long-term power purchase agreements."
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The 1,350 MW hybrid portfolio integrates complementary solar and wind resources to enhance power availability and improve supply reliability for MSEDCL.
The 800 MW solar portfolio will deliver competitively priced renewable electricity under long-term power purchase agreements with GUVNL and MSEDCL, supporting the growing clean energy demand of both states.
