Avaada Group has secured financial closure of approximately USD 1.3 billion for a 2,150 MW renewable energy portfolio, supporting the development of hybrid and utility-scale solar projects across Gujarat and Maharashtra.
The financing has been provided by State Bank of India (SBI), REC Limited, and Canara Bank across four special purpose vehicles (SPVs). The portfolio comprises 1,350 MW of hybrid renewable energy projects and 800 MW of utility-scale solar projects, which are being developed under long-term power purchase agreements for Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL).
The projects will collectively add more than 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra. According to the company, the financing reflects strong lender confidence in its governance standards, project execution capabilities, asset quality, and long-term growth strategy, while highlighting increasing institutional support for renewable energy projects backed by state utilities.
The 1,350 MW hybrid portfolio will combine solar and wind generation to improve power availability and grid reliability for MSEDCL. The 800 MW solar portfolio will supply competitively priced renewable electricity to both GUVNL and MSEDCL under long-term power purchase agreements, supporting the growing clean energy demand in the two states.
Once commissioned, the projects are expected to contribute to India’s renewable energy targets by expanding clean power generation, strengthening grid resilience, reducing reliance on fossil fuel-based electricity, and lowering carbon emissions over their operational lifetime.
Commenting on the financial closure, Vineet Mittal, Chairman of Avaada Group, said the milestone reflects the confidence of India’s leading financial institutions in the company’s governance, execution capabilities, and long-term vision for accelerating the country’s energy transition. He added that Avaada remains focused on commissioning the projects on schedule, deploying capital responsibly, and delivering reliable, cost-competitive renewable energy to support India’s clean energy ambitions.
The financing further reinforces Avaada Group’s strategy of expanding its renewable energy portfolio through disciplined capital allocation, long-term contracted assets, and timely project execution, strengthening its position as one of India’s leading clean energy developers.
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