The Avaada Group, through its subsidiary, Avaada Aqua Batteries, has signed a Memorandum of Understanding (MoU) with the Rajasthan state government to develop a 1.2 GW pumped storage project (PSP). The project will be established in the Sirohi district of Rajasthan. On behalf of the Rajasthan government, the MoU was signed by the Energy Department, Government of Rajasthan. The total budget of the project is Rs 58 billion and it will be constructed over the next five to seven years.
The PSP project will provide Round the Clock renewable power and improve grid stability by integrating more solar and wind energy. The company has also secured financing through various sources for solar projects.
In October 2024, Avaada Energy, an arm of Avaada Group, successfully secured approximately Rs 5.97 billion in refinancing for its commercial and industrial (C&I) solar projects in Karnataka and Maharashtra. The refinancing was secured from NIIF Infrastructure Finance Limited.
In May 2024, Avaada Energy raised $38 million from from Aseem Infrastructure Finance Limited (AIFL) for a captive solar project located in the Kalaburagi district of Karnataka. This financing was approved as a 21-year project loan facility.
