ADB backs Avaada Energy's solar growth in India with USD 15m
Image source: RattanIndia Power Limited
The clean energy arm of India’s Avaada Group will receive a USD-15-million (EUR 12.8m) equity infusion from the Asian Development Bank (ADB) to grow its solar power portfolio.
The ADB announced an agreement for the investment in Avaada Energy Pvt Ltd (AEPL) on Monday, saying it will come from its ordinary capital resources and from the Leading Asia’s Private Infrastructure Fund (LEAP). Some USD 7.5 million from each will be provided for the investment round.
The Indian firm develops solar photovoltaic (PV) projects in the utility-scale, rooftop and off-grid markets. It has nearly 1 GW of operational assets in its portfolio and hopes to expand it to over 3.5 GW.
This is ADB’s second equity investment in AEPL after a first round of USD 50 million from April 2019.
“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 Shantanu Chakraborty, director Infrastructure Finance, South Asia, Central Asia, and West Asia, Private Sector Operations at ADB.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.