Avaada Energy develops solar PV projects and is part of the Avaada Group, which also operates in solar PV manufacturing, green fuels (including green ammonia, green methanol and sustainable aviation fuel) and energy storage solutions. The company secured financing for a captive solar PV power project being developed under a long-term PPA with Karnataka Cooperative Milk Producers’ Federation Limited (KMF). The project is located in Kalaburagi district, Karnataka, and is expected to be completed in Q3 FY25. Avaada announced a target to achieve 11 GWp capacity by 2026. The company described the transaction as evidence of a derisked project-development strategy and strong project-financing capability. The financing demonstrates ongoing access to long-term infrastructure debt for its project pipeline. Avaada Group operates an integrated renewable energy platform that develops renewable power projects and manufactures solar PV cells and modules. The company has diversified into producing green hydrogen, green methanol and green ammonia alongside expanding its solar manufacturing capabilities. Avaada currently operates a renewable energy portfolio of approximately 4 GW with about 7 GW in various stages of implementation. It recently won a production‑linked incentive of INR 961 crore for 3 GW of wafer‑to‑module capacity and has secured tenders totaling almost 1.8 GW from corporate customers and utilities. The latest funding will be used to bolster its green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures. The company has received substantial strategic investor backing and government support as it scales toward multi‑gigawatt objectives.

Total raised

$1.3B

Funding rounds

2

Latest round

Debt Financing

Latest activity

May 2024