Avaada Secures USD 950 Mn Debt Financing from Consortium of Global and Domestic Banks
Avaada Group has achieved financial closure and secured nearly USD 950 million in debt financing for its FDRE project in Rajasthan and two 300 MW solar power projects in Rajasthan and Gujarat.
June 02, 2026. By Mrinmoy Dey
The FDRE project in Bikaner, Rajasthan, is being developed under a long-term Power Purchase Agreement with SJVN. The project represents the next generation of renewable energy infrastructure by combining renewable generation with firm and dispatchable supply capabilities, enabling greater grid stability and reliable round-the-clock clean power delivery, stated the company.
The 300 MW solar power project in Rajasthan has a long-term Power Purchase Agreement with NTPC, while the 300 MW solar power project in Gujarat is backed by a Power Purchase Agreement with SECI.
Debt financing for these three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas, stated Avaada.
It further added that all three projects are currently under construction and are expected to be commissioned during FY2027–28.
Commenting on the development, Vineet Mittal, Chairman, Avaada Group, said, “This landmark financing is not just a milestone for Avaada, but a defining moment for India’s renewable energy evolution. The successful closure of India’s largest FDRE financing transaction demonstrates growing confidence in advanced clean energy solutions capable of delivering reliable, round-the-clock green power at scale.”
He further added, “As India’s energy demand rises, the future will belong to integrated clean energy platforms that can combine sustainability, reliability and energy security. At Avaada, we remain committed to building world-class clean energy infrastructure that accelerates the nation’s transition towards a resilient, self-reliant and low-carbon economy.”
The financing milestone reinforces Avaada Group’s leadership in utility-scale clean energy development and reflects the confidence of marquee financial institutions in the Group’s project development capabilities, EPC execution strength, offtake quality, governance standards, risk management framework and long-term cash-flow visibility, asserted the company.
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