Avaada Energy Secures Major Refinancing for Solar Projects

Avaada Energy has successfully refinanced around Rs 597 crore for its solar projects in Karnataka and Maharashtra. The funding, obtained from NIIF Infrastructure Finance Ltd, will improve financial terms and reduce costs, aiding leading corporates in energy transition goals.

Avaada Energy announced the successful refinancing of approximately Rs 597 crore for its solar ventures in Karnataka and Maharashtra. The initiative aims to bolster its financial framework and support major corporates' clean energy shifts.

By securing funds from NIIF Infrastructure Finance Ltd, an infrastructure-specific debt fund, Avaada Energy strengthens its financial position and opens avenues for future investments. This move significantly lowers finance costs and facilitates prepayment of existing loans, according to the company.

Chairman Vineet Mittal emphasized that this enhanced financing arrangement adds value for stakeholders and aids in achieving energy transition objectives for clients like Bharti Airtel, Motherson, and others.

(With inputs from agencies.)