Avaada Energy, a subsidiary of Avaada Group, has raised Rs.1000 crores for financing its 2.4 GW solar energy portfolio of the targeted 5 GW capacity in Asia and Africa. It is a developer of renewable energy projects, backed by its strong Engineering, Procurement and Construction (EPC) capabilities.
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 the government’s vision of 100 GW of solar energy by 2022.
Avaada is targeting an extensive portfolio of 5 GW solar projects across Asia and Africa of which about 2.4 GW capacities are under implementation.
The investment has come from Asian Development Bank; DEG, the German Development Finance Institution, Netherlands Development Finance Company FMO and company’s promoter, a statement said.
Reference- Economic Times, livemint