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.

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..