Avaada Energy has secured a refinancing deal worth Rs 44.71 billion with the National Bank for Financing Infrastructure and Development (NaBFID, a specialised government-owned development finance institution,). The refinancing aims to support four solar projects in Rajasthan, having aggregated capacity of 1,700 MW and are connected to the inter-state transmission system. The funding from NaBFID will allow for the prepayment of current loans and provide a successful exit for several lenders. The loan facility will be structured as a 20-year rupee-term loan and will be approved and disbursed accordingly.
In March 2024, Avaada Energy obtained the letter of award to construct and manage 1,138 MW of distributed agricultural solar PV power projects.
In January 2024, Avaada Group and Gujarat government signed a MoU to develop 6,000 MW wind-solar hybrid project in various districts of Gujarat at a financing of Rs 400 billion.
In November 2023, Avaada Energy won 1,400 MW DC solar project from NHPC Limited at a tariff of Rs 2.53 per kWh.
