March 20 (Renewables Now) - The Asian Development Bank (ADB) has agreed to invest USD 50 million (EUR 44m) in Avaada Energy Private Limited (AEPL) to aid the Indian renewables developer in expanding solar power generating capacity.
ADB said in a statement that the current equity investment will help Avaada Energy to exceed 2 GW of capacity, having in mind that the company has already secured power purchase agreements (PPAs) for about 1.7 GW. Avaada Energy is engaged in developing utility-scale, rooftop and off-grid solar projects.
“We are pleased to invest in Avaada, which will enable it to expand its renewable energy capacity and send positive signals to global investors to continue supporting the growth of renewable energy in India,” commented ADB’s principal investment specialist Mayank Choudhary.
The investment will come from ADB’s Ordinary Capital Resources and Leading Asia’s Private Sector Infrastructure Fund (LEAP), the bank noted.
(USD 1.0 = EUR 0.881)