Avaada Group has secured financing of approximately $1.3 billion for a 2.15 GW renewable energy portfolio, marking a major funding milestone for the integrated energy transition company.
The financing has been sanctioned by State Bank of India (SBI), REC Limited and Canara Bank across four special purpose vehicles (SPVs). The portfolio includes 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for state distribution companies Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL).
The projects will collectively involve the development of more than 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.
The scale of the financing, backed by some of India’s leading lenders, highlights growing institutional confidence in large-scale renewable projects supported by creditworthy state utilities. It also underscores lender confidence in Avaada’s governance, project execution capabilities, asset quality and long-term growth strategy.
Commenting on the development, Vineet Mittal, Chairman, Avaada Group, said: 'The financing closure of over USD 1.3 billion for this strategically important renewable energy portfolio represent a significant milestone for Avaada Group.
"The confidence reposed in us by State Bank of India, REC Limited, Canara Bank and our lending partners is a strong endorsement of our governance standards, disciplined execution capabilities and long-term vision of accelerating India's energy transition."
He added: "India's clean energy journey now demands not only rapid capacity addition but also reliable, dispatchable and cost-competitive renewable power that strengthens energy security while supporting economic growth. Our hybrid projects have been designed to deliver greater reliability and grid stability, while our solar projects will provide affordable clean electricity to Maharashtra and Gujarat under long-term power purchase agreements.
"As we continue to scale, our focus remains unwavering—to deploy capital responsibly, commission these projects on schedule, create long-term value for all stakeholders and contribute meaningfully towards India's ambition of becoming a global clean energy leader.”
