The funding shall be used to finance projects currently under various stages of development, and to fund new projects.
Another Indian solar power generation company has landed massive funding from international development banks, signalling global confidence in India’s renewable energy future.
Plan of execution
Avaada Energy announced recently that it secured funding worth Rs 1,000 crore (US$143 million) from various development banks to fuel its expansion in Indian and African solar power markets. The funding shall be used to finance projects currently under various stages of development, and to fund new projects.
The funding has been provided by the Asian Development Bank; DEG, the German Development Finance Institution, and Netherlands Development Finance Company FMO, with the company’s promoter, also pitching in.
Avaada Energy plans to have an operational capacity of 5 gigawatts across Asia and Africa. The company currently has a presence in India, Vietnam, and some African countries.
