Avaada Group today announced the successful financial closure of its Firm and Dispatchable Renewable Energy (FDRE) project in Bikaner, Rajasthan, marking India’s largest financing transaction in the FDRE segment.
In addition, the company has secured debt financing for two 300 MW solar power projects located in Rajasthan and Gujarat. With this, Avaada has achieved total debt sanctions of nearly $950 million across three large utility-scale renewable energy projects.
The FDRE project in Bikaner, Rajasthan, is being developed under a long-term power purchase agreement with SJVN.
The 300 MW solar power project in Rajasthan benefits from a long-term power purchase agreement with NTPC, while the 300 MW solar power project in Gujarat is backed by a power purchase agreement with SECI.
Debt financing for these three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas.
All three projects are currently under construction and are expected to be commissioned during FY2027–28.
Avaada Group is a diversified clean energy conglomerate with businesses spanning, renewable power generation, solar PV manufacturing, green hydrogen and derivatives, green data centres, battery storage, and pumped hydro projects.
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