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Avaada Energy closes Rs 315 Cr financing for Captive Solar Project in Karnataka

Avaada Energy, a key player in the renewable energy sector and a subsidiary of Avaada Group, is thrilled to announce the successful closure of financing totaling approximately INR 315 crore (USD 38 million) from Aseem Infrastructure Finance Limited (AIFL), an Infrastructure Finance Company (IFC) dedicated to catalyzing growth in Indian infrastructure debt financing.

The financing has been secured for a solar PV power project developed under a long-term captive Power Purchase Agreement (PPA) with Karnataka Cooperative Milk Producers’ Federation Limited (KMF). The project is situated in the Kalaburagi district of Karnataka. KMF, rated A+ (Stable) by ICRA, serves as the apex body for the dairy co-operative movement in Karnataka.

This financing from AIFL, sanctioned as a 21-year project loan facility with highly competitive terms, underscores Avaada’s strategy of mitigating project risks and its robust project financing capabilities.

In response to this milestone, Vineet Mittal, Chairman of Avaada Group, stated, “This successful financial closure of INR 315 crore exemplifies our enduring partnership with Aseem Infrastructure Finance. This renewed collaboration underscores the trust and confidence that leading financial institutions like Aseem have in Avaada’s capabilities. The funding will facilitate the development of this landmark captive project for a cooperative entity, showcasing the widespread impact of energy transition across the Indian economy. Anticipated to be completed in Q3 FY25, this initiative aligns with Avaada Group’s overarching sustainability strategy and commitment, contributing significantly to national self-reliance and a greener future.”

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