PROPARCO is supporting a major player in solar energy in India, thanks to a USD 15m equity investment in Avaada Energy Private Limited (Avaada Energy).
Avaada Energy is one of India’s main developers of photovoltaic projects. The company, which was set up in 2017, has an operational capacity of 700 MW, as well as a portfolio under construction of 1.3 GW. The operation of PROPARCO and its DFI partners will support Avaada at a key moment in the development of its solar platform.
As India is one of the three largest energy consumers in the world, green electricity production is instrumental in building a more resilient Indian economy. The development of solar energy makes it possible to diversify the country’s energy mix (which is today mainly thermal), while improving access to renewable and competitive electricity for populations. Some 2.8 million people are expected to benefit from improved access to electricity thanks to this project, which should also create or maintain over 19,000 jobs.
This operation should also reduce CO2 emissions by 1.69 million tons a year. PROPARCO is thereby contributing to the climate path set by the Indian Government, whose objective is to achieve 100 GW of installed capacity for solar energy generation by 2022.