India's Avaada Energy bags USD 144m to fund solar projects

The clean energy arm of India’s Avaada Group has raised some INR 10 billion (USD 144m/EUR 128m) to finance the development of a 2.4-GW solar power portfolio, it was announced on Tuesday.

Avaada Energy Pvt Ltd got the equity infusion from the Asian Development Bank (ADB), DEG - the German Development Finance Institution, Dutch development finance company FMO and its own promoters.

The Indian firm is currently developing 2.4 GW of solar projects and is looking to expand its portfolio to 5 GW across Asia and Africa over the next two years. It has executed more than 2 GW of renewable energy projects to date, according to the announcement.

(INR 10 = USD 0.144/EUR 0.128)

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