Avaada Energy has bagged $38 million for a captive solar project located in the Kalaburagi district of Karnataka. The funding raised from Aseem Infrastructure Finance Limited (AIFL), a non-banking finance company will support Avaada’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation Limited. This financing has been approved as a 21-year project loan facility.
In May 2023, Avaada Energy, the renewable energy division of Avaada Group, revealed that it secured approximately Rs 11.9 billion in green financing from the State Bank of India (SBI).
