Proparco invests $15 million in Avaada Group’s clean energy business
Avaada Energy, a leading solar project developer, has received $15 million in equity investments from Proparco, a French development finance institution, for part financing its renewable energy portfolio of the targeted 5 GW capacity.
This infusion will further catapult Avaada’s leadership role in India’s transition to clean energy and contribute in achieving the Prime Minister’s vision of 175 GW of solar energy by 2022. Proparco’s faith reposed in Avaada in challenging times for the sector clearly establishes the capability and strength of Avaada in executing renewable projects and attracting quality global investors. Avaada will continue to seek investment from quality long term investors to grow its portfolio, which will help in the country’s fight against climate change.
Reinforcing its commitment towards bringing sustainable energy to developing economies, Avaada is targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa, of which, about 3.4 GW capacities are currently either operational or under implementation.
Speaking on this development, Vineet Mittal, Chairman, Avaada Group, said, “Avaada is committed to providing a sustainable environment for the future generation. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. I am thankful and appreciate investments by PROPARCO in our renewable energy venture. Recently, we have received investments from ADB, DEG and FMO. Investments by these global financial stalwarts revalidate our impeccable execution track record and high performing assets generating maximum returns for all our stakeholders.”
Avaada Energy aims to craft a sustainable future by working for the benefit of the environment and all communities. With a vision to create a world powered by sustainability, it is a leading developer of renewable energy projects, backed by its strong EPC capabilities. Meeting infrastructural and quality standards, the team is targeting an extensive portfolio of 5 GW solar projects across Asia and Africa. The company has executed over 2 GW of renewable capacities across varied geographies in India.