Avaada Energy, the renewable energy arm of India’s Avaada Group, on Thursday said it has raised $143 million in green financing from India’s public sector lender the State Bank of India.
The financing from SBI, sanctioned and disbursed as a 20-year project loan facility, will be used to develop a 400 MW utility-scale solar PV power project in the Surendra Nagar district of Gujarat.
Established in 2009, Avaada Group is an energy transition company in India with business interests spanning solar module manufacturing, electrolyser manufacturing, and green ammonia production.
Last month, the firm closed $535 million (Rs 4,471 crore) in refinancing from the state-owned National Bank for Financing Infrastructure and Development (NaBFID).
Avaada Energy aims to achieve 11 GW capacity by 2026.
India’s renewables sector has been attracting increasing foreign investment and is among its top industries for overseas funds, as it aims to align with the IEA’s proposed net-zero scenario. Think tank Ember’s analysis reveals that India requires additional financing of $101 billion to expand its renewable energy capacity further and align with the proposed net-zero solution.
Last month, International Finance Corporation (IFC), a member of the World Bank Group, said it is considering a $125-million equity investment in Indian solar panel provider Fourth Partner Energy, according to a disclosure.
Separately, GPS Renewables, India’s full-stack technology firm focused on clean fuels, raised $50 million in debt financing from private and public sector banks and NBFCs.
