Avaada Group secures $1.3 billion financing for its 2,150 MW renewable energy portfolio

Type: Financing · Technology: Hybrid · Country: India · Value: $1.3B · Announced: 2026-07-31

Avaada Group obtained $1.3 billion in financing on 31 July 2026 to fund its 2,150 MW renewable portfolio comprising 1.35 GW of hybrid solar‑wind projects and 800 MW of utility‑scale solar. The loan package was provided by State Bank of India, REC Ltd and Canara Bank across four special purpose vehicles. The projects will deliver more than 3,000 MW of solar capacity and 450 MW of wind capacity to distribution utilities Maharashtra State Electricity Distribution Co. Ltd and Gujarat Urja Vikas Nigam Ltd under long‑term power purchase agreements. The financing supports Avaada's goal to enhance grid reliability and expand clean electricity supply in Gujarat and Maharashtra. The deal underscores the growing role of bank‑led project finance in India's renewable expansion.

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