The founder of Avaada Group, one of India’s largest clean-energy company, is planning to borrow about $750 million from a group of global lenders to refinance the firm’s existing debt, according to people familiar with the matter.
Vineet Mittal, who’s also chairman of Brookfield Renewable Partners-backed Avaada Group, is seeking the deal through an entity and has mandated at least two banks including Barclays Plc and DBS Bank to underwrite it, the people said, asking not to be identified as the discussions are private. The proceeds will be used to repay a $1 billion credit facility that was issued by Brookfield in 2023 to Avaada Ventures Pvt., they said.
