Avaada Group has bagged financial closure of nearly $ 1.3 billion for a 2,150 MW renewable energy portfolio, boosting the development of hybrid and utility-scale solar projects in Gujarat and Maharashtra.
Financing provided by the State Bank of India (SBI), REC Ltd, and Canara Bank for four special purpose vehicles (SPV). The overall portfolio includes 1,350 MW of hybrid renewable energy projects and 800 MW of utility-scale solar projects. These are developing under long-term power purchase agreements for Gujarat Urja Vikas Nigam Ltd (GUVNL) and Maharashtra State Electricity Distribution Company Ltd (MSEDCL).
The projects are likely to provide above 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.
Moreover, the 1,350 MW hybrid portfolio will boost power availability and grid reliability for MSEDCL by combining solar and wind generation.
The 800 MW solar portfolio will deliver cost-competitive renewable power to GUVNL and MSEDCL under long-term power purchase agreements. This is expected to support the growing clean energy demand in Gujarat and Maharashtra.
Amid the commissioning, these projects will potentially boost India's renewable energy goals by boosting clean power generation, enhancing grid reliability, curbing dependence on fossil fuels, and cutting carbon emissions throughout their operational lifespan.
