Indian clean energy company Avaada Group has closed financing totalling approximately $1.3bn (Rs123.89bn) to support a portfolio of renewable energy projects with a combined capacity of 2.15GW across Maharashtra and Gujarat.
The funds have been sanctioned by several major Indian financial institutions including REC, State Bank of India and Canara Bank through four special purpose vehicles.
The supported assets in this portfolio comprise 1.35GW of hybrid renewable energy projects and 800MW of utility-scale solar projects.
These projects are being developed for Gujarat Urja Vikas Nigam (GUVNL) and the Maharashtra State Electricity Distribution Company (MSEDCL), according to Avaada.
The portfolio involves the construction of more than 3GW of solar and 450MW of wind capacity at various sites.
Avaada Group chairman Vineet Mittal said: “India's clean energy journey now demands not only rapid capacity addition but also reliable, dispatchable and cost-competitive renewable power that strengthens energy security while supporting economic growth.
“Our hybrid projects have been designed to deliver greater reliability and grid stability, while our solar projects will provide affordable clean electricity to Maharashtra and Gujarat under long-term power purchase agreements.”
The hybrid projects in the 1.35GW segment are intended to increase power supply reliability for MSEDCL by combining solar and wind resources.
The 800MW of solar projects are set to deliver electricity at agreed rates to GUVNL and MSEDCL under long-term contracts.
Once commissioned, these projects will contribute to India’s renewable energy goals by providing large-scale clean energy, supporting grid stability and reducing reliance on fossil fuels.
The company stated that the financing supports its broader strategy of building out its renewable energy portfolio with contracted revenues and disciplined capital deployment.
In February 2025, Avaada entered into a memorandum of understanding with the Government of Madhya Pradesh, pledging an investment of Rs500bn to increase renewable energy capacity.
