Avaada Energy, a leading Independent Power Producer (IPP) in India, has obtained Rs 5.97 billion in refinancing for its Commercial and Industrial (C&I) solar projects located in Karnataka and Maharashtra. The refinancing, arranged by NIIF Infrastructure Finance Limited (NIIF IFL), aims to strengthen the financial structure of these operational solar initiatives and support future expansion.
These solar projects provide electricity to major corporate clients, including Bharati Airtel, Motherson, Bharat Forge, STT, Nxtra Data, and Lumax, helping them achieve their energy transition objectives. The refinancing deal will enable Avaada to prepay existing loans, reduce financing costs, and allocate capital for further investments.
Vineet Mittal, Chairman of Avaada Group, expressed excitement about enhancing the partnership with NIIF IFL, stating that this financing aligns with the company’s strategic vision of building a diversified, high-quality energy transition portfolio. He noted that the improved terms would bolster the financial stability of the projects and create value for stakeholders.
NIIF IFL, specializing in refinancing high-quality operational infrastructure projects, underscored the stability of Avaada’s solar ventures and their role in advancing the country’s renewable energy transition. Mittal highlighted that the refinancing reflects Avaada’s commitment to sustainability and its efforts to reduce carbon footprints globally.
