Get All Access for $5/mo

Avaada Energy Closes INR 315 Cr Financing For Captive Solar Project In Karnataka This financing from AIFL, sanctioned as a 21-year project loan facility obtained on very competitive terms, demonstrates Avaada's derisked project development strategy and strong project financing capability.

By Paromita Gupta

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Photo Curtesy: Avaada Energy Twitter

Avaada Energy on Thursday closed financing of about INR 315 crore from Aseem Infrastructure Finance Limited (AIFL), an Infrastructure Finance Company (IFC) established with an aim of playing a transformative role in the growth of Indian infrastructure debt financing.

The proceeds from this funding will be used for company's solar PV power project being developed under a long-term captive Power Purchase Agreement (PPA) with Karnataka Cooperative Milk Producers' Federation Limited (KMF). The project is located in the Kalaburagi district of Karnataka.

KMF is the apex body for the dairy co-operative movement in Karnataka, rated A+ (Stable) by ICRA.

This financing from AIFL, sanctioned as a 21-year project loan facility obtained on very competitive terms, demonstrates Avaada's derisked project development strategy and strong project financing capability, the company said.

Vineet Mittal, Chairman of Avaada Group, said, "This successful financial closure of INR 315 crore demonstrates our long-standing relationship with Aseem Infrastructure Finance. This renewed partnership highlights the trust and confidence of leading financial institutions like Aseem have in Avaada's capabilities. The funding will facilitate the development of this marquee captive project for a cooperative entity, illustrating the pervasive impact of energy transition across the Indian economy. This project is expected to be completed during Q3 FY25."

According to an official statement, Avaada Energy aims to achieve 11 GWp capacity by 2026.

Avaada Group is an energy transition company, involved in Renewable Energy Generation, Solar PV Manufacturing, development of Green Fuels including Green Ammonia, Green Methanol and Sustainable Aviation Fuel, and providing Energy Storage Solutions.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Growing a Business

Stop Chasing Subscribers — Start Making Money With These Newsletter Hacks

Here's how operators profit from newsletters by turning acquisition costs into revenue and leveraging one audience to build multiple assets.