Avaada Energy secures $38 million for captive solar project in Karnataka

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Avaada Energy, an arm of Avaada Group,  announced this week that it has secured about INR 315 crore ($38 million) from Aseem Infrastructure Finance Ltd (AIFL) for a captive solar project in Karnataka. Headquartered in Mumbai, AIFL is a non-banking finance company that provides debt and related financial solutions to the infrastructure sector.

Avaada secured the financing for its solar PV power project being developed under a long-term captive power purchase agreement (PPA) with Karnataka Cooperative Milk Producers’ Federation Ltd (KMF).

The project is located in the Kalaburagi district of Karnataka. KMF is the apex body for the dairy co-operative movement in Karnataka, rated A+ (Stable) by ICRA.

“This financing from AIFL, sanctioned as a 21-year project loan facility obtained on very competitive terms, demonstrates Avaada’s derisked project development strategy and strong project financing capability,” stated Avaada.

In a separate development, Avaada Energy announced that it has won the single largest bid of 1,050 MWp capacity of solar project in a recent tender issued by NTPC. The company secured the project at a competitive tariff of INR 2.69 per kWh. The project is expected to be completed within 24 months of signing the 25-year power purchase agreement.

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