en.Wedoany.com Reported - India's Avaada Group has secured nearly $950 million in debt financing for three utility-scale renewable energy projects, including the country's largest fixed and dispatchable renewable energy (FDRE) financing deal.

This financing supports an FDRE project in Bikaner, Rajasthan, developed under a long-term power purchase agreement (PPA) with state-owned SJVN Limited, as well as 2×300 MW solar projects in Rajasthan and Gujarat.

The Rajasthan solar project has a PPA with NTPC, while the Gujarat project is backed by the Solar Energy Corporation of India (SECI). All three projects are currently under construction and are expected to become operational in the fiscal year 2027-28.

Vineet Mittal, Chairman of Avaada Group, stated that the successful completion of India's largest FDRE financing deal reflects growing market confidence in advanced clean energy solutions capable of providing reliable, round-the-clock green power at scale. Integrated clean energy platforms will play a key role in supporting sustainability, reliability, and energy security while meeting growing energy demand.

Avaada arranged this debt through a consortium of international and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group, and BNP Paribas.

Avaada's portfolio exceeds 17.7 GW, including over 7.2 GW of operational renewable energy capacity and an additional 10.5 GW under construction. The company aims to achieve 30 GW of installed renewable energy capacity by 2030.

The company is also venturing into solar photovoltaic manufacturing under the name Avaada Electro and plans to go public through an initial public offering (IPO). Avaada Electro operates an 8.5 GW solar module production line and will add another 5.1 GW by fiscal year 2027. The company also plans to bring 6 GW of battery cell capacity online by fiscal year 2026, with an additional 6 GW by fiscal year 2027, achieving a total of 13.6 GW of module capacity and 12.0 GW of battery cell capacity.

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