en.Wedoany.com Reported - India-based renewable energy company Avaada Group has secured $1.3 billion in financing for its 2.15 GW project portfolio. The funds were approved by the State Bank of India, REC Ltd, and Canara Bank through four special purpose vehicles.

The portfolio includes 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects. The 1.35 GW hybrid projects, combining solar and wind resources, will supply power to MSEDCL; the 800 MW solar projects will supply power to GUVNL and MSEDCL under long-term power purchase agreements. Together, these projects will comprise over 3 GW of installed solar capacity and 450 MW of installed wind capacity. Avaada Group is developing these assets in Gujarat and Maharashtra for MSEDCL and GUVNL. This financing covers the entire project portfolio while maintaining separate structures for hybrid and solar development.