Avaada Group is in discussions with global lenders including Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), BNP Paribas, and Societe Generale to raise over $ one billion (Rs 85.00 billion) in project finance debt to support its renewable energy expansion.

The company currently has 3,000 MWp of solar and wind projects under construction and aims to reach 30 GWp capacity by 2030. It plans investments of Rs 35,000 to 400.00 billion in solar, wind, pumped storage projects (PSP), and green hydrogen and ammonia production.

Chairman Vineet Mittal noted the firm’s active engagement with central and state transmission utilities to align project commissioning with grid connectivity. Avaada’s operational capacity stands at around 5.4 GWp and it targets 11 GWp by 2026.

In 2023, Avaada raised $1.07 billion from Brookfield for green hydrogen and ammonia projects in Odisha. The company also signed MoUs with Maharashtra for two PSP projects totalling 3,650 MW and is awaiting environmental clearance for its first PSP project in Uttar Pradesh.

Mittal highlighted the need for streamlined permitting processes to accelerate India’s energy storage development.

Source:Financial Express