Bharat Forge invests Rs 28.7 million in AvaadaSatraMH

A Pune-based multinational infrastructure company, Bharat Forge has made an equity investment ofRs28.7 million inAvaada Renewable’s special purpose vehicle (SPV)AvaadaSataraMH (ASPL). This amount has been invested against purchase of solar power from Avaada as a group captive user. The company had also investedRs113.75 millionearlier this month, in the same SPV. Now, with this additional investment, the company’s stake in ASPL has reached 11 per cent. While the earlier investment was for purchase of power from a 32.5 MW solar project, the latest investment is for purchase of power from 8.2 MW of solar projects.

The current investment follows the company’s announcement that it would invest up to $2.46 million by way of equity to subscribe 26 per cent of the stake of a SPV formed for the implementation of solar power project for supply of power to the company.  AvaadaSataraMH is engaged in developing renewable projects, spread across 528 acres of land in Satara, Maharashtra, and owns a 72.75 MW open access solar project. Avaada Energy’s solar portfolio includes commissioned projects of around 635 MW and around 1.96 GW of projects under different development stages.

Avaada has seen multiple investments this year. In November 2020, an agreement was signed by Bharti Airtel to acquire equity shares in AvaadaMHBuldhana Private Limited.In the same month, DEG, a German development finance institution, committed $10 million in Avaada Energy Private Limited for the development of 4.3 GW of renewable capacity by 2022. In October 2020,  ADB announced that it had signed an agreement to invest $15 million in Avaada Energy.