Avaada Energy, an arm of Avaada Group has closed approx. Rs 597 crore (USD 71.1 million) in refinancing for its commercial and industrial (C&I) solar projects in Karnataka and Maharashtra.

The refinancing was secured from NIIF Infrastructure Finance (NIIF IFL), a fund dedicated to refinancing operational infrastructure projects.

Avaada’s solar projects currently supply electricity to various leading firms, including Bharti Airtel, Bharat Forge, Nxtra Data, and Lumax, supporting them in their energy transition goals.

The refinancing helped to ease commercial terms to facilitate prepayment of existing loan facilities, along with delivering a reduction in finance costs while releasing capital for future deployment.

This financing reflects the company's strategic vision of developing a diversified and high-quality energy transition portfolio to attract specialised capital.