Backed by SBI, REC and Canara Bank, the funding will support hybrid and solar power projects across Gujarat and Maharashtra, adding over 3 GW of solar capacity.
Avaada Group has achieved financial closure of $1.3 billion for a 2150 MW renewable energy portfolio spanning Gujarat and Maharashtra. The funding has been secured from major Indian financial institutions, including State Bank of India (SBI), rural electrification corporation (REC) Ltd and Canara Bank, through four Special Purpose Vehicles (SPVs).
The portfolio includes 1350 MW of hybrid renewable energy projects and 800 MW of utility-scale solar projects, which are being developed for Maharashtra state electricity distribution company limited (MSEDCL) and Gujarat urja vikas nigam limited (GUVNL) under long-term power purchase agreements.
As part of the development, Avaada plans to install over 3000 MW of solar capacity along with 450 MW of wind capacity across multiple sites in the two states. The hybrid projects will combine solar and wind generation to improve grid reliability and ensure more consistent power supply, while the solar projects will provide competitively priced clean electricity to state utilities.
According to the company, the successful financing reflects investor confidence in its project execution capabilities, governance standards, asset quality and long-term expansion strategy.
Commenting on the milestone, Vineet Mittal, Chairman of Avaada Group, said the funding marks an important step in the company’s renewable energy expansion plans. He noted that the hybrid projects are designed to enhance grid stability and reliability, while the solar projects will help meet the growing demand for affordable clean energy in Gujarat and Maharashtra.
The latest funding strengthens Avaada’s renewable energy pipeline as India continues to accelerate investments in large-scale clean energy infrastructure to support its energy transition and sustainability goals.
