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The Karnataka-based captive solar project Avaada Energy, an arm of the Avaada Group, declared that it has obtained ₹315 crore in funding from Aseem Infrastructure Finance.
A firm statement shows that Aseem Infrastructure Finance Ltd. (AIFL), an IFC (Infrastructure Finance firm), was established with the intention of revolutionising the development of debt financing for infrastructure in India.
Avaada Energy, a major participant in the renewable energy sector, has obtained financing for its solar PV power project, which is being constructed under a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers' Federation Ltd (KMF), the statement stated.
The location of the project is Kalaburagi district of Karnataka. KMF, the apex body for the dairy cooperative movement in Karnataka, is rated A+ (Stable) by ICRA.
This financing from AIFL, sanctioned as a 21-year project loan facility obtained on very competitive terms, demonstrates Avaada's derisked project development strategy and strong project financing capability. Vineet Mittal, Chairman of Avaada Group, said, "This successful financial closure of ₹315 crore demonstrates our long-standing relationship with Aseem Infrastructure Finance."
The funding will facilitate the development of this marquee captive project for a cooperative entity, illustrating the pervasive impact of energy transition across the Indian economy, the company said. This project is expected to be completed during Q3 FY25. This initiative aligns with Avaada Group's broader sustainability strategy and commitment, playing a pivotal role in driving national self-reliance and fostering a greener future.
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