Avaada secures $950 million from global, domestic Banks

Mumbai: company on Monday announced financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, calling it India’s largest fundraise in the segment to date.

The Mumbai-based company also said that it has secured for two 300 MW solar power projects located in Rajasthan and Gujarat. “With this, Avaada has achieved total debt sanctions of nearly $950 million across three large utility-scale ,” it said.

The FDRE project in Bikaner, Rajasthan, is being developed under a long-term power purchase agreement (PPA) with . The project represents the next generation of renewable energy infrastructure by combining renewable generation with firm and dispatchable supply capabilities, enabling greater grid stability and reliable round-the-clock delivery of clean power.

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The 300 MW solar power project in Rajasthan has a long-term PPA with state-run power producer , while the 300 MW solar power project in Gujarat is backed by a PPA with SECI.

Debt financing for these three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, , HSBC, DBS, SMBC, MUFG and .