Avaada Group's Global Fundraising Venture: A Solar and Renewable Energy Expansion projects
Global financing discussions underway for Avaada, seeking $1 billion in project debt from international financiers.
Renewable energy powerhouse Avaada Group is in discussions with high-profile lenders like Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), BNP Paribas, and Societe Generale (SocGen) to secure over $1 billion (Rs 8,500 crore) in project finance debt.
As told by the chairman of Avaada Group, Vineet Mittal, "We are actively engaging with several international financial institutions to secure funds at competitive global rates."
Last fiscal year, the firm predominantly raised project finance debt from domestic establishments. Some of the key domestic contributors included SBI, Standard Chartered, NaBFID, PFC, Axis Bank, etc.
By 2030, the Central Electricity Authority (CEA) anticipates a total debt requirement of Rs 15-20 lakh crore for the deployment of 500 gigawatt (GW) of renewable energy. Avaada Group is planning to invest ₹35,000 crore to ₹40,000 crore over the next three years for renewable energy expansion, electronics manufacturing growth, PSP (pumped storage projects) development, green hydrogen and ammonia capacities.
Currently, Avaada has more than 3,000 MWp under construction. The group is coordinating with Central Transmission Utility (CTU) and State Transmission Utility (STU) to align commissioning timelines with grid connectivity and bay-end readiness. At present, their operational capacity stands at around 5.4 GWp, with a target of 11 GWp by 2026 and 30 GWp by 2030.
In 2023, Avaada raised $1.07 billion from Brookfield for their green hydrogen and green ammonia projects, as part of a $1.3 billion fundraising plan. The company has set up green ammonia and green hydrogen projects in Odisha's Gopalpur.
"Further investments and growth targets will be reassessed post FY26, reflecting the realities of permitting and grid infrastructure readiness as well as market demand," Mittal shared.
In addition to their strategic initiatives, Avaada has also signed MoUs with the Maharashtra government for two PSP projects totaling 3,650 MW. Their first PSP project in Uttar Pradesh is in the advanced stages of layout freezing from CEA and awaiting environmental clearance from the Ministry of Environment.
"Streamlined, single-window facilitation will be essential to overcome the permitting timelines challenge in PSP, which is crucial to accelerating India's energy storage roadmap," Mittal explained.
As part of their expansion plan, Avaada Group recently inaugurated a 1.5 GW solar module gigafactory in Dadri, Uttar Pradesh, and plans to build a 5 GW integrated manufacturing facility in Greater Noida. They are currently producing 5,800 solar modules per day. In January 2025, Avaada raised Rs 86.43 billion to fund nine renewable projects, including solar IPP and agrivoltaic projects.
Avaada is also looking to list its solar module manufacturing arm through an IPO for ₹4,000 crore. They have already approached several investment banks and law firms to manage this IPO.
The company is also set to collaborate with Casale for the development of a 1,500 tons per day (TPD) green ammonia plant in Gopalpur, Odisha. This venture aligns with Avaada's broader goal of integrating green hydrogen and ammonia into their renewable energy portfolio.
- The Avaada Group is actively engaging with international financial institutions such as Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, BNP Paribas, and Societe Generale to secure project finance debt for over $1 billion, as they expand their renewable energy projects.
- Avaada Group is planning to invest a significant amount, approximately ₹35,000 to ₹40,000 crore, over the next three years in renewable energy expansion, electronics manufacturing growth, pumped storage projects (PSP) development, green hydrogen and ammonia capacities.
- The Central Electricity Authority (CEA) anticipates a total debt requirement of Rs 15-20 lakh crore for the deployment of 500 gigawatt (GW) of renewable energy by 2030, a sector that Avaada Group is heavily investing in.
- Avaada Group is looking to list its solar module manufacturing arm through an Initial Public Offering (IPO) for approximately ₹4,000 crore, signifying their growth and commitment to the renewable energy and manufacturing industry.
