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Avaada Group renewable energy expansion in India

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2026-08-26 04:36 UTC → 2026-08-27 07:43 UTC · added removed

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 roughly Rs 7,600 crore (approximately $800 million). up to ₹7,600 crore. The IPO offering includes a fresh equity issue of Rs 1,600 up to ₹1,600 crore and an offer for sale of Rs 6,000 up to ₹6,000 crore by promoter Avaada Ventures Pvt Ltd. The company plans intends to use a portion of approximately ₹1,200 crore from the fresh proceeds to repay loans or settle borrowings and meet letter of credit obligations. obligations, with the remainder for general corporate purposes. Founded in 2021, Avaada Electro aims to expand its 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 capacities chain by fiscal year 2028 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.

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  1. 2026-08-27 07:43 UTC Avaada Group renewable energy expansion in India
  2. 2026-08-26 04:36 UTC Avaada Group renewable energy expansion in India

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