Avaada Energy, a subsidiary of the Avaada Group and a prominent player in the renewable energy sector, has obtained ₹315 crore in financing from Aseem Infrastructure Finance Ltd (AIFL) for a solar photovoltaic (PV) power project in Karnataka. This project is part of a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers’ Federation Ltd (KMF).
The solar project, situated in the Kalaburagi district, will supply power to KMF, the leading organization in the dairy cooperative movement in Karnataka. KMF holds an A+ (Stable) rating from ICRA, indicating its strong financial stability. The 21-year project loan facility from AIFL has been granted on highly competitive terms, highlighting Avaada’s robust project development strategy and financing capabilities.
Vineet Mittal, Chairman of Avaada Group, expressed his satisfaction with the financial closure, stating, This successful financial closure of ₹315 crore demonstrates our long-standing relationship with Aseem Infrastructure Finance.
AIFL, an Infrastructure Finance Company, aims to play a transformative role in the growth of infrastructure debt financing in India. This funding will support the development of Avaada’s significant captive solar project for a cooperative entity, showcasing the widespread impact of the energy transition in the Indian economy.
The project is expected to be completed by the third quarter of the fiscal year 2025. It aligns with Avaada Group’s broader sustainability strategy and commitment to driving national self-reliance and fostering a greener future. This initiative underscores the group’s dedication to contributing to India’s renewable energy goals and promoting sustainable development.
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