Avaada Energy,an Independent power producer (IPP) from India recently revealed that it has received a funding of around billion $143.8 million in the form of equity infusion from the Asian Development Bank (ADB), German development bank – DEG, Dutch development finance company- FMO, and promoters’ equity.
The funding is expected to be used to develop a renewable energy project portfolio of 2.4 GW capacity. Avaada Energy plans to develop 5 GW capacity of clean energy projects across Asia and Africa in the coming two years.
“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 a sustainable world for future generations. We are targeting an extensive portfolio of 5 GW 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 performing assets generating maximum returns for all our stakeholders.” said Vineet Mittal, Chairman Avaada Group in a statement with respect to the latest funding
Avaada Energy was founded in 2016 and has carried out 2 GW of renewable energy projects so far.The company states, it has developed wind and solar energy projects in more than ten states in India
In order to expand its portfolio in the future, Avaada Energy is expected to leverage its engineering, procurement and construction (EPC) experience.
Avaada Energy announced in February 2018 that it had signed an agreement with Andhra Pradesh's government to develop solar utility - scale 500 MW capacity.
Mercom reported on plans by ADB to invest $ 50 million in Avaada Energy last month. The project developer was to use the capital to expand their capacity in India to generate solar energy.
According to the International Renewables Energy Agency (IRENA), renewable energy sources are now fueling a third of global power generation capacity or 2,351 GW.
India has been working on the largest clean energy program and has an installed capacity of 74.79GW for renewable energy. This corresponds to 25.21GW and 35.14GW of solar and wind power.