~ USD 15 Million investments received from Proparco ~
~Company has currently 3.4 GW of renewable portfolio including under implementation projects and is targeting to expand to 5 GW over next two years ~
~ Earlier this year, Company has so far raised over INR 1450 crores in equity funding from ADB, DEG,FMO and Promoters~
Mumbai: Avaada Energy Pvt Ltd a leading solar project developer, received USD 15 Million in equity investments from Proparco, French development finance institution for part financing its renewable energy portfolio of the targeted 5 GW capacity. This infusion will further catapult Avaada’s leadership role in India’s transition to clean energy and contribute in achieving Prime Ministers vision of 175 GW of solar energy by 2022. We thank Proparco for faith reposed in Avaada in challenging times for the sector. This clearly establishes the capability and strength of Avaada in executing renewable projects and attracting quality global investors. Avaada will continue to seek investment from quality long term investors to grow its portfolio which will help the country’s fight against climate change.
Reinforcing its commitment towards bringing sustainable energy to developing economies, Avaada is targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa of which about 3.4 GW capacities are currently either operational or under implementation.
Speaking on this development Vineet Mittal, Chairman Avaada Group said, “Avaada is committed to provide sustainable environment for future generation. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. I am thankful and appreciate investments by PROPARCO in our renewable energy venture. Recently we have received investments from ADB, DEG & FMO. Investments by these global financial stalwarts revalidates our impeccable execution track record, high preforming assets generating maximum returns for all our stakeholders”
About Avaada Energy Private Limited (avaadaenergy.com)
Avaada Energy aims to craft a sustainable future by working for the benefit of the environment and all communities. With a vision to create a world powered by sustainability, Avaada Energy is a leading developer of renewable energy projects, backed by its strong Engineering, Procurement & Construction (EPC) capabilities. Meeting infrastructural and quality standards, the team is targeting an extensive portfolio of 5 GW solar projects across Asia and Africa. Avaada has executed over 2 GW of renewable capacities across varied geographies in India.
Disclaimer: The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this press release shall constitute an invitation to invest in Avaada Energy Pvt. Ltd. or any of its affiliates. Neither Avaada Energy Pvt. Ltd., nor their or their affiliates’ officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this press release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.