November 20 (Renewables Now) - Proparco, a subsidiary of French development agency Agence Francaise de Developpement (AFD), has invested USD 15 million (EUR 13.6m) in equity in Indian renewable power producer Avaada Energy Pvt Ltd, Mercom Capital reports.
Details on the investment were not provided.
The Indian firm, which also offers engineering, procurement and construction (EPC) services, this summer said it has installed over 1.8 GW of renewable energy plants at home. At the time it was developing 2 GW of open access solar schemes across several Indian states for corporate consumers seeking to lower their electricity costs and meet their green energy needs through solar, rooftop and hybrid energy solutions. The company has set a goal to install 5 GW of renewables capacity in Asia and Africa by 2022.
Avaada Energy earlier this year raised over INR 10 billion (USD 139.4m/EUR 125.9m) to finance its solar projects from the Asian Development Bank (ADB), DEG - the German Development Finance Institution, Dutch development finance company FMO and its own promoters.
(USD 1.0 = EUR 0.904)
(INR 10 = USD 0.139/EUR 0.126)