Avaada 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.
