Left Menu
Development News Edition

ADB to invest $15 million in Avaada Energy to scale up solar energy capacity

The agreement was signed by the Director of Infrastructure Finance, South Asia, Central Asia, and West Asia at ADB’s Private Sector Operations Department Shantanu Chakraborty and Chair of AEPL Vineet Mittal.

ADB | New Delhi | Updated: 29-09-2020 08:25 IST | Created: 29-09-2020 08:25 IST
ADB to invest $15 million in Avaada Energy to scale up solar energy capacity
“The project is part of ADB’s ongoing support to India’s renewable energy sector and will help the Government of India meet its targets for clean power generation,” said Mr. Chakraborty. Image Credit: ANI

The Asian Development Bank (ADB) has signed an agreement to invest $15 million in INR equivalent in Avaada Energy Private Limited (AEPL) to help the company to scale up photovoltaic solar energy generation capacity in India.

This is ADB's second investment in AEPL after the first round of $50 million invested in April 2019. The latest investment will come from ADB's Ordinary Capital Resources and from Leading Asia's Private Infrastructure Fund (LEAP), each of which will invest $7.5 million. LEAP was established in 2016 by the Japan International Cooperation Agency to finance high quality and sustainable private sector infrastructure projects.

The agreement was signed by the Director of Infrastructure Finance, South Asia, Central Asia, and West Asia at ADB's Private Sector Operations Department Shantanu Chakraborty and Chair of AEPL Vineet Mittal.

"The project is part of ADB's ongoing support to India's renewable energy sector and will help the Government of India meet its targets for clean power generation," said Mr. Chakraborty. "We are pleased to enhance our commitment to AEPL and expect this investment to send positive signals to global investors to continue supporting the growth of renewable energy in India."

"ADB's investment reinforces the strong support of the international development community to India's efforts at ramping up its clean energy generation," said Mr. Mittal. "It also validates AEPL's strong track record and commitment to create a cleaner and more sustainable power generation in India."

AEPL is a leading developer of solar energy projects in India through utility-scale, rooftop, and off-grid solar facilities. The company has almost 1 gigawatt (GW) of operational capacity, and with the second round of equity investment will be well placed to expand capacity to more than 3.5 GW.

ADB has supported the development of renewable energy in India since 2007 when it financed initial wind projects under the independent power producer (IPP) model. ADB has subsequently financed solar IPPs through projects under the National Solar Mission and various state policies.

The project will contribute to the Government of India's strategy to increase the share of renewable energy generation capacity from about 20% in 2018 to 40% by 2030. It reflects ADB's commitment to providing cumulative climate finance of $80 billion from 2019 to 2030.


TRENDING

OPINION / BLOG / INTERVIEW

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Guinea’s elections hearken back to the autocracy and violence of its past

... ...

Pandemic-era FinCEN leaks ratchet up the urgency of lifting the veil on financial secrecy

As the coronavirus pandemic reverses decades of gains in combatting inequality, its more urgent than ever that authorities excise the dirty money that has metastasized within the financial systems guts....

Videos

Latest News

GLOBAL MARKETS-Asian stocks dip as U.S. political concerns grow

Asian stocks slipped on Tuesday as investors adjusted risk exposure heading into the U.S. election and as a deadline for Washington to pass an economic stimulus bill approached while Europe reported record daily coronavirus infections. MSCI...

Rugby-Bristol can step in if Wasps can't play Premiership final

Bristol Bears Director of Rugby Pat Lam has said they are ready to step in and play in the Premiership final if Wasps are unable to do so due to an outbreak of COVID-19. Wasps, who thrashed Bristol 47-24 in the semi-final earlier this month...

Japan chief govt spokesman: cannot overlook malicious cyberattacks that threaten democracy

Japans chief government spokesman said on Tuesday that malicious cyberattacks cannot be overlooked and the country will proceed with anti-cyberattack measures to make sure the Tokyo Olympics succeed.Britain and the United States on Monday c...

Teletrac Navman releases Journey Planner tool for transport task

Transport operators can now build, turn-by-turn, an exact route for their transport task, thanks to the next-generation Journey Planner tool and advanced in-cabin navigation application, available through TN360, Teletrac Navmans newly relea...

Give Feedback