Avaada Energy, India’s leading renewable energy Independent Power Producer (IPP) and an arm of Avaada Group, is pleased to announce the successful closure of approximately INR 597 crore (~USD 71.1 Million) in refinancing for its Commercial & Industrial (C&I) solar projects in the states of Karnataka and Maharashtra.
The refinancing was secured from NIIF Infrastructure Finance Limited (NIIF IFL), an infrastructure debt fund dedicated to refinancing high-quality operational infrastructure projects. The refinancing from NIIF IFL has reaffirmed the strength and stability of Avaada’s solar projects through this refinancing deal.
These projects currently supply electricity to various leading corporates in the country, including Bharati Airtel, Motherson, Bharat Forge, STT, Nxtra Data, Lumax etc., supporting them in their energy transition goals.
The refinancing from NIIF IFL secured significantly improved commercial terms to facilitate prepayment of existing loan facility along with delivering reduction in finance costs while releasing capital for future deployment.
Commenting on the development, Mr. Vineet Mittal, Chairman of Avaada Group, said, “We are thrilled to strengthen our partnership with NIIF IFL. This financing is a testament to our strategic vision of developing a diversified and high-quality energy transition portfolio to attract specialized capital while delivering state-of-the-art solutions for our C&I customers. The improved financing terms enhance the financial position of these projects and create value for all stakeholders.”
“This refinancing aligns with Avaada’s commitment to a sustainable future and underscores its contribution towards effectively reducing carbon footprints on a global scale,” Mr. Mittal added.