Avaada Energy obtains Rs 5.97 billion refinancing for solar initiatives

16 Oct 2024 CW Team

Avaada Energy, a prominent Independent Power Producer (IPP) in India, has secured Rs 5.97 billion in refinancing for its Commercial & Industrial (C&I) solar projects located in Karnataka and Maharashtra. The refinancing, facilitated by NIIF Infrastructure Finance Limited (NIIF IFL), aims to enhance the financial structure of these operational solar projects and support future growth.

These solar projects supply electricity to major corporate clients such as Bharati Airtel, Motherson, Bharat Forge, STT, Nxtra Data, and Lumax, assisting them in achieving their energy transition goals. The refinancing deal will enable Avaada to prepay its existing loans, reduce financing costs, and free up capital for further investments.

Vineet Mittal, Chairman of Avaada Group, expressed enthusiasm about strengthening the partnership with NIIF IFL, stating that the financing reflects the company's strategic vision of developing a diversified and high-quality energy transition portfolio. He noted that the improved terms would enhance the financial standing of the projects and create value for stakeholders.

NIIF IFL, which specialises in refinancing high-quality operational infrastructure projects, highlights the stability of Avaada’s solar projects and their contribution to the country's renewable energy transition. Mittal remarked that the refinancing aligns with Avaada’s commitment to a sustainable future and emphasizes the company's role in reducing carbon footprints on a global scale.

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