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Avaada Energy Secures INR 4,471 Crore Refinancing from NaBFID, Bolstering Renewable Energy Portfolio

Avaada Energy, the renewable energy arm of Avaada Group, has successfully concluded one of India’s largest refinancing deals in the renewable energy sector. The company secured approximately INR 4,471 crore (~USD 535 Million) from the National Bank for Financing Infrastructure and Development (NaBFID), a state-owned lender.

Under a Restricted Group (RG) structure, the transaction covers four ISTS-connected solar projects in Rajasthan with a combined capacity of around 1700 MWp. This structure has been rated ‘AA (Stable)’ by CareEdge Ratings.

This refinancing not only aligns with Avaada’s sustainability goals but also ensures stable, long-term cash flows and enhances financial stability. It plays a pivotal role in advancing renewable energy generation efforts and reinforces Avaada’s commitment to reducing the global carbon footprint.

The financing from NaBFID, a specialized development finance institution established by the Government of India, facilitated the prepayment of existing loans and provided a successful exit for multiple lenders. The sanctioned and disbursed 20-year Rupee Term Loan (RTL) facility offers significant commercial benefits compared to previous arrangements.

Vineet Mittal, Chairman of Avaada Group, expressed his satisfaction with this significant achievement, stating, “Refinancing four of our largest operational assets in Rajasthan marks a major milestone for Avaada. This transaction, one of the largest in India’s renewable energy market, allows us to settle existing loans and welcome NaBFID as our new sole lender. It highlights financial institutions’ interest in supporting renewable energy projects with stable, long-term cash flows. Securing favorable interest rates for operational assets strengthens our bottom line and delivers value to all stakeholders.”

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