The Asian Development Bank (ADB) has signed an agreement to invest $15 million in INR equivalent in Avaada Energy Private Limited (AEPL) to help the company to scale up photovoltaic solar energy generation capacity in India.
This is ADB’s second investment in AEPL after a first round of $50 million invested in April 2019. The latest investment will come from ADB’s Ordinary Capital Resources and from Leading Asia’s Private Infrastructure Fund (LEAP), each of which will invest $7.5 million.
LEAP was established in 2016 by the Japan International Cooperation Agency to finance high quality and sustainable private sector infrastructure projects.
Avaada Energy, is a leading developer of solar energy projects in India through utility scale, rooftop, and off-grid solar facilities. The company has almost 1 gigawatts (GW) of operational capacity, and with the second round of equity investment will be well placed to expand capacity to more than 3.5 GW.
ADB has supported the development of renewable energy in India since 2007, when it financed initial wind projects under the independent power producer (IPP) model. ADB has subsequently financed solar IPPs through projects under the National Solar Mission and various state policies.
The latest round of investment reinforces the strong support of international development community to India’s efforts at ramping up its clean energy generation.
This is a Syndicate News-Feed; edited by Clean-Future Team