Avaada Energy Pvt Ltd received INR 1,000 crore investments for financing its 2.4GW renewable energy portfolio of the targeted 5GW capacity. The equity infusion was split between Asian Development Bank, DEG the German Development Finance Institution, Netherlands Development Finance Company FMO and promoter's equity.
Reinforcing its commitment towards bringing sustainable energy to developing economies; Avaada is targeting an extensive portfolio of 5GW solar energy projects across Asia and Africa of which about 2.4GW capacities are currently under implementation.
Speaking on this development Vineet Mittal, Chairman Avaada Group said, "At Avaada, our business strategies are inter-woven with the ancient Indian principle of 'sustainability'. We are harnessing the power of the sun to ensure sustainable world for future generations. We are targeting an extensive portfolio of 5GW solar energy projects across Asia and Africa. I am thankful and appreciate the repeat investments by ADB and DEG in our renewable energy ventures. Investments by these global financial stalwarts revalidates our impeccable execution track record, high preforming assets generating maximum returns for all our stakeholders."