Avaada Group renewable energy expansion in India

The Avaada Group has undertaken significant financial and operational expansions within India’s renewable energy sector.

In late July 2026, the group secured approximately $1.3 billion in financing from the State Bank of India, REC Ltd, and Canara Bank. This funding is designated for a 2,150 MW renewable energy portfolio, consisting of hybrid solar-wind projects and utility-scale solar projects located in Gujarat and Maharashtra.

Following this, the group’s solar manufacturing division, Avaada Electro, filed updated draft papers with the Securities and Exchange Board of India for an initial public offering (IPO) valued at up to ₹7,600 crore. The offering includes a fresh equity issue of up to ₹1,600 crore and an offer for sale of up to ₹6,000 crore by promoter Avaada Ventures Pvt Ltd. The company intends to use approximately ₹1,200 crore from the fresh proceeds to repay or settle borrowings and letter of credit obligations, with the remainder for general corporate purposes.

Founded in 2021, Avaada Electro currently maintains 8.5 GW of solar module manufacturing capacity and 3 GW of TOPCon solar cell capacity, with operations centered in Nagpur, Maharashtra, and Dadri, Uttar Pradesh. The company aims to build an integrated manufacturing chain by fiscal year 2028, targeting 13.6 GW of module capacity, 12 GW of cell capacity, and 3 GW of ingot and wafer capacity. It also intends to enter the engineering, procurement, and construction (EPC) segments and energy storage solutions.