Avaada Group Achieves Financial Closure of $1.3 Billion for 2.15 GW Renewable Energy Portfolio
Avaada Group has achieved financial closure of approximately $1.3 billion for a 2,150 MW renewable energy portfolio. The financing has been sanctioned by the State Bank of India, REC Limited, and Canara Bank across four special purpose vehicles.
The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects, being developed for the Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL). Collectively, the financed projects involve development of more than 3,000 MW of solar capacity and 450 MW of wind capacity spread across Gujarat and Maharashtra.
The financial closure follows Avaada's commissioning of the first 3 GW production line of its 6 GW high-efficiency n-type TOPCon solar cell manufacturing facility in July 2026, developed through its solar manufacturing arm, Avaada Electro Limited, at its integrated manufacturing plant in Butibori, Nagpur, Maharashtra. The funding supports the company's continued expansion of generation capacity alongside its upstream solar manufacturing operations.