France’s PROPARCO Invests $15 Million Equity in Avaada Energy

Previously this year in April 2019, Avaada had established funds of around ₹10 billion ($143.8 million), in the form of equity infusion from the Asian Development Bank (ADB), German development bank – DEG, and FMO. The funding was to be used to develop a portfolio of 2.4 GW capacity of renewable energy projects

November 20, 2019. By News Bureau

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French development financial institution PROPARCO, has been reported to have made a $15 million equity investment in Avaada Energy Private Limited. For the Vineet Mittal led Avaada Energy, the fund raise further supports its credentials as a striking option in India for funding by DFI’s.

Previously this year in April 2019, Avaada had established funds of around ₹10 billion ($143.8 million), in the form of equity infusion from the Asian Development Bank (ADB), German development bank – DEG, and FMO. The funding was to be used to develop a portfolio of 2.4 GW capacity of renewable energy projects.

PROPARCO itself is partially owned by the French Development Agency (AFD) and private shareholders from the developed countries and developing nations, according to its website. PROPARCO promotes private investment in Africa, Asia, Latin America, and the Middle East to reach the Sustainable Development Goals (SDGs). PROPARCO finances operations which are economically viable, financially profitable, environmentally sustainable and socially equitable.

PROPARCO had earlier invested in renewable energy project developer Azure Power in 2018, with a $135 million debt funding. This was in association with International Finance Corporation, FMO – the Dutch development bank, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria. The proceeds were to be used to finance approximately 200 MW of Azure Power’s rooftop solar projects across India.

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