Avaada Group secures $1.3 bn financing for 2.15 GW renewable portfolio in India

Avaada Group obtained roughly $1.3 billion in financing from State Bank of India, REC Ltd and Canara Bank through four special purpose vehicles. The funds will support a 2,150 MW renewable energy portfolio comprising about 1,350 MW of hybrid solar‑wind projects and 800 MW of utility‑scale solar projects in Gujarat and Maharashtra. The developments will add more than 3,000 MW of solar capacity and 450 MW of wind capacity, delivering power under long‑term power purchase agreements with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) and Gujarat Urja Vikas Nigam Ltd (GUVNL). Chairman Vineet Mittal said the closure marks a major step for the company's expansion and reflects strong lender confidence in its execution capability.