Avaada Energy secures $10 million funding from DEG

Deutsche Investitions und Entwicklungsgesellschaft (DEG), a German development finance institution, has committed $10 million to Avaada Energy Private Limited for the development of 4.3 GW of renewable capacity by 2022. The funds will be used for the construction, operation and maintenance of selected projects in India. According to DEG, the projects are expected to reduce the power deficit across states in the country. They are also aimed at diversifying the existing generation mix by harnessing indigenous resources, reducing the dependence on imported fuel, and increasing energy security and balance of payment.