Avaada Group reaches $1.3 billion financing closure for 2.15 GW renewable energy portfolio

Avaada Group today announced $1.3 billion financing closure for its 2,150 MW renewable energy portfolio. The financing has been sanctioned by leading Indian financial institutions, including State Bank of India, REC Ltd and Canara Bank, across four special purpose vehicles (SPVs).

The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for leading state distribution companies, Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) and Gujarat Urja Vikas Nigam Ltd (GUVNL).

The company said these projects will collectively involve the development of more than 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.

“The financing closure of over $1.3 billion for this strategically important renewable energy portfolio represent a significant milestone for Avaada Group,” said Vineet Mittal, Chairman, Avaada Group. “India’s clean energy journey now demands not only rapid capacity addition but also reliable, dispatchable and cost-competitive renewable power that strengthens energy security while supporting economic growth. Our hybrid projects have been designed to deliver greater reliability and grid stability, while our solar projects will provide affordable clean electricity to Maharashtra and Gujarat under long-term power purchase agreements. As we continue to scale, our focus remains unwavering—to deploy capital responsibly, commission these projects on schedule, create long-term value for all stakeholders and contribute meaningfully towards India’s ambition of becoming a global clean energy leader.”

The 1,350 MW hybrid portfolio integrates complementary solar and wind resources to enhance power availability and improve supply reliability for MSEDCL. The 800 MW solar portfolio will deliver competitively priced renewable electricity under long-term power purchase agreements with GUVNL and MSEDCL, supporting the growing clean energy demand of Gujarat and Maharashtra.

Avaada Group is a diversified clean energy conglomerate with businesses spanning, renewable power generation, solar PV manufacturing, green hydrogen and derivatives, green data centres, battery storage, and pumped hydro projects.