Avaada Secures USD 950 Million Financing for Renewable Energy Projects in Rajasthan and Gujarat

Avaada Group has achieved financial closure for renewable energy projects in Rajasthan and Gujarat, securing approximately USD 950 million in debt financing from a consortium of domestic and international lenders.

The financing package will support the development of three renewable energy projects, including a Firm and Dispatchable Renewable Energy (FDRE) project in Bikaner, Rajasthan, as well as two 300 MW solar power projects located in Rajasthan and Gujarat.

According to the company, the FDRE project has been awarded under a long-term power purchase agreement (PPA) with SJVN Limited, while the solar projects are backed by PPAs with NTPC Limited and the Solar Energy Corporation of India (SECI).

The debt financing was arranged through a consortium of financial institutions comprising Standard Chartered, State Bank of India, HSBC, DBS Bank, Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ Financial Group (MUFG), and BNP Paribas.

Avaada stated that the transaction represents one of the largest financing deals in India’s renewable energy sector and marks a significant milestone in the company’s efforts to expand its clean energy portfolio.

The projects are currently under various stages of development and construction and are expected to be commissioned during the financial year 2027-28.

Commenting on the development, the company said the funding underscores growing investor confidence in India’s renewable energy market and highlights the increasing role of large-scale solar and dispatchable renewable energy projects in supporting the country’s energy transition objectives.

The financing will contribute to the deployment of renewable energy infrastructure designed to enhance power reliability while supporting India’s long-term sustainability and decarbonisation goals.

India continues to witness strong investment momentum across the renewable energy sector, driven by rising electricity demand, supportive government policies, and the growing adoption of utility-scale solar, wind, energy storage, and hybrid power projects.