Monday, June 17, 2024
HomeFunding India-Based Avaada Energy Secured $535 Million in Refinancing

[Funding Alert] India-Based Avaada Energy Secured $535 Million in Refinancing

The Indian company Avaada Group's renewable energy division, Avaada Energy, announced that it has successfully finalized a refinancing deal for $535 million, with the government-owned National Bank for Financing Infrastructure and Development.

The Indian company Avaada Group’s renewable energy division, Avaada Energy, announced that it has successfully finalized a refinancing deal for $535 million, with the government-owned National Bank for Financing Infrastructure and Development.

The NaBFID financing made it possible to pay off previous debts early and provided several lenders to the company with a smooth exit. According to the company, the facility, which was approved and paid out as a 20-year Rupee Term Loan facility, achieves notable commercial benefits over the previous prepaid facilities.

Read also – India-Based Ecozen Secured $30 Million in Debt-Equity Funding

This refinancing deal, which is being carried out under a Restricted Group structure, includes four solar facilities in the state of Rajasthan that are connected to the ISTS and have a combined capacity of about 1700 MWp.

“These assets have been operational for approximately two years. This is one of the largest transactions ever conducted in India’s renewable energy market and allows us to pay off existing lenders and welcome NaBFID as the new single lender,” Vineet Mittal, Chairman of Avaada Group, said.

The Group is an energy transition firm based in India that was founded in 2009. Its commercial interests include the production of green ammonia, solar module manufacturing, and electrolyser manufacturing.

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By 2026, Avaada Energy wants to reach a capacity of 11 GW. Avaada Group raised $300 million from GPSC, the PTT Group of Thailand, and $1.07 billion from Brookfield to grow its green hydrogen and green ammonia initiatives last year.

About Avaada Energy

Avaada Group is a forward-thinking energy conglomerate that operates throughout the whole energy transition value chain. It produces solar modules, generates renewable power, and develops large-scale projects for sustainable aviation fuel, green hydrogen, green methanol, and green ammonia.

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