The renewable energy division of India’s Avaada Group, announced that it has secured $143 million in green financing from the State Bank of India, the country’s public sector lender.
The 400 MW utility-scale solar PV power plant in Gujarat’s Surendra Nagar district will be developed with the help of the funding from SBI, which has been approved and disbursed as a 20-year project loan facility.
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Avaada 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.
The company successfully completed a $535 million refinancing deal with the government-owned National Bank for Financing Infrastructure and Development last month. By 2026, Avaada Energy wants to reach a capacity of 11 GW.
The renewables sector in India is one of the country’s top industries for foreign investment, drawing more and more in as it strives to match the IEA’s suggested net-zero future. According to a study by the think tank Ember, India needs an extra $101 billion in funding to increase its capacity for renewable energy and move closer to the suggested net-zero solution.
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As per a declaration made last month, Fourth Partner Energy, an Indian solar panel producer, is being evaluated for a $125 million equity investment by International Finance Corporation, a World Bank Group member.
In a related development, $50 million in debt funding was obtained by GPS Renewables, an Indian full-stack technology company that specialises in clean fuels, from both public and private sector banks and NBFCs.
About Avaada Group
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.
