OCTOBER 20249AVAADA ENERGY SECURES 597 CRORE REFINANCING FOR SOLAR PROJECTSCOAL INDIA DIGITIZES ONLINE SIGNING FOR LINKAGE-BASED AUCTIONSAvaada Energy, a part of Avaada Group, has secured Rs 597 crore in refinancing for its solar projects in Karnataka and Maharashtra. The funding for the refinancing was obtained from NIIF Infrastructure Finance Limited (NIIF IFL), a specialized infrastructure debt fund focused on refinancing top-tier operational infrastructure projects. The strength and stability of Avaada's solar projects have been reinforced by the refinancing from NIIF IFL in this deal. These projects are currently providing power to several top companies in the country such as Bharati Airtel, Motherson, Bharat Forge, STT, Nxtra Data, Lumax, helping them achieve their energy transition objectives.The refinancing by NIIF IFL improved commercial terms to enable prepayment of current loan and also reduced finance costs while freeing up capital for future use.Vineet Mittal, Chairman of Avaada Group, said, "This financing is a testament to our strategic vision of developing a diversified and high-quality energy transition portfolio to attract specialized capital while delivering state-of-the-art solutions for our C&I customers. The improved financing terms enhance the financial position of these projects and create value for all stakeholders."Avaada Group, based in Mumbai, India, is a provider of integrated green energy solutions. Their business interests cover various sectors of the energy transition value chain, such as renewable power generation through Solar energy, Wind energy, Pumped Hydro, Solar PV Manufacturing, and Green Fuels. Coal India (CIL) has announced the launch of an online process for signing fuel supply agreements (FSAs) with its clients, including those in the power sector. This initiative aims to enhance ease of business by eliminating the previous requirement for physical submission of official documents, allowing clients to submit bank guarantees and other necessary documents digitally. This marks the first time CIL has introduced online signing of FSAs for customers participating in linkage-based auctions for both power and non-regulated sectors.To streamline the process, CIL has reduced the number of documents required for submission, making it more efficient for clients. The online signing process replaces the cumbersome physical submission of voluminous documents, enabling customers to complete the entire procedure from their workplaces without needing to visit coal companies.Moreover, in the event of discrepancies in submitted documents, corrections can now be handled online, eliminating the need for clients to visit CIL offices for rectification. With the online system, CIL can maintain and store documents digitally, significantly simplifying document management and tracking progress for both suppliers and customers. This shift to an electronic system is expected to improve operational efficiency and enhance customer experience for CIL's vast client base, as the company handles hundreds of FSAs annually.
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