Delhi-based Avaada Energy Pvt Ltd, a clean & renewable energy startup, has raised $143.7 million/ ₹1,000 crore funding for financing its 2.4 GW renewable energy portfolio from multi-lateral agencies including Asian Development Bank, Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch development bank Netherlands Development Finance Company (FMO).
The capital raised is meant for financing 2.4 GW capacities out of the targeted 5 GW by the company, which will facilitate Avaada’s leadership role in India’s transition to clean energy and contribution in achieving India’s vision of 100 GW of solar energy by 2022, the release said.
Avvada was founded in 2009 by serial entrepreneur Vineet Mittal, who had sold his previous venture, Welspun Energy, to Tata Power for $1.4 billion.
Speaking on recent funding, Mittal, chairman of Avaada Group said, “We are harnessing the power of the sun to ensure sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa.”
Avaada is a leading developer of renewable energy projects with a 5 GW project pipeline across emerging African & Asian countries. Over the next 5 years, the company aims to develop a diversified portfolio of utility scale solar & wind projects, solar rooftop and EPC business.
According to Mercom India’s Research report, the total power capacity additions in India were 16.3 GW in 2018 from all generation sources. Of this, renewable energy sources accounted for nearly 70% of installations, with solar representing 50.7% of new capacity and wind with 14%.
To recall, in December last year, Jaipur-based solar power developer and EPC (Engineering, Procurement, and Construction) player, Rays Power Infra had raised Rs 200 crore in mix of debt and equity funding from DMI Finance (DMI), a New Delhi-based Non-Bank Finance Company.
Prior to that, in October, India’s largest independent solar power producers Azure Power had raised around $185 million from Canada’s CDPQ, a Quebec, Canada-based institutional investor.
In November 2015, India had initiated International Solar alliance, a congregation of 122 sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn, and now extended to all members of the United Nations. The primary objective of the alliance is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.