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Canadian pension fund OMERS and Norway’s Norfund are looking to invest $200 million in Avaada Energy for a 20% stake, the Economic Times reports.
Avaada Energy was founded in 2017 by former Welspun Energy promoter Vineet Mittal who left Welspun Group after it sold its renewable business to Tata Power for Rs 10,000 crore in 2016.
Avaada Energy has executed 2 gigawatt of solar power generation capacity so far and has 3.5 W of capacity under construction across Africa and India. In some cases, it acts as a contractor for setting up solar power projects while in others it owns power generation facilities. Bharti Airtel had recently picked up an 8% stake in a solar power subsidiary of Avaada Energy.
Omers and NorfundThe are planning to invest USD 200 million (EUR 169m) in the target entity, sources in the know have told the newspaper. According to the insiders, negotiations are already in an advanced stage but the due diligence process has been delayed due to travel restrictions caused by the pandemic.