Avaada Groupís Clean Energy Business Raises INR 1000 Crore Investments led by ADB
Avaada Energy Pvt Ltd, clean energy arm of Avaada Group and a leading solar project developer, received INR 1,000 crore investments for financing its 2.4 GW renewable energy portfolio of the targeted 5 GW capacity. The equity infusion was split between Asian Development Bank, DEG the German Development Finance Institution, Netherlands Development Finance Company FMO and promoterís equity. The 2.4 GW capacities funded through this infusion will facilitate Avaadaís leadership role in Indiaís transition to clean energy and contribution in achieving Government of Indiaís vision of 100 GW of solar energy by 2022.
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 2.4 GW capacities are currently under implementation.
Speaking on this development Vineet Mittal, Chairman Avaada Group said, ďAt Avaada, our business strategies are inter-woven with the ancient Indian principle of Ďsustainabilityí. We are harnessing the power of the sun to ensure sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. I am thankful and appreciate the repeat investments by ADB and DEG in our renewable energy ventures. Investments by these global financial stalwarts revalidates our impeccable execution track record, high preforming assets generating maximum returns for all our stakeholdersĒ