Avaada Group Secures $950 Million Finance From Global And Domestic Banks

Avaada Group on Monday said it has secured USD 950 million (approximately Rs 9,000 crore) in finance from a consortium of leading global and domestic banks.

Avaada Group, a diversified clean energy conglomerate, announced the successful financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan, marking India's largest financing transaction in the FDRE segment, a company statement said.

In addition, the company has secured debt financing for two 300 MW solar power projects, located in Rajasthan and Gujarat.

With this, Avaada has achieved total debt sanctions of nearly USD 950 million across three large utility-scale renewable energy projects, it stated.

The FDRE project in Bikaner is being developed under a long-term power purchase agreement with SJVN.

The project represents the next generation of renewable energy infrastructure by combining renewable generation with firm and dispatchable supply capabilities, enabling greater grid stability and reliable round-the-clock clean power delivery.

The 300 MW solar power project in Rajasthan has a long-term power purchase agreement with NTPC, while the 300 MW solar power project in Gujarat is backed by a PPA with SECI.

Debt financing for these three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas.

All three projects are currently under construction and are expected to be commissioned during FY2027–28.

Vineet Mittal, Chairman, Avaada Group, said that this landmark financing is not just a milestone for Avaada but a defining moment for India’s renewable energy evolution.

The successful closure of India’s largest FDRE financing transaction demonstrates growing confidence in advanced clean energy solutions capable of delivering reliable, round-the-clock green power at scale, he added.

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.