Connect with us

Hi, what are you looking for?

CleanTechnica
Another Indian solar power generation company has landed massive funding from international development banks, signalling a global confidence in India’s renewable energy future.

Clean Power

Indian Solar Company Avaada Secures US$140 Million Funding

Another Indian solar power generation company has landed massive funding from international development banks, signalling a global confidence in India’s renewable energy future.

Another Indian solar power generation company has landed massive funding from international development banks, signalling a global confidence in India’s renewable energy future.

Avaada Energy announced recently that it secured funding worth Rs 1,000 crore (US$143 million) from various development banks to fuel its expansion in Indian and African solar power markets. The funding shall be used to finance projects currently under various stages of development, and to fund new projects.

The funding has been provided by the Asian Development Bank; DEG, the German Development Finance Institution, and Netherlands Development Finance Company FMO, with the company’s promoter also pitching in.

Avaada Energy plans to have an operational capacity of 5 gigawatts across Asia and Africa. The company currently has a presence in India, Vietnam, and some African countries.

Avaada’s origin story begins from the end of one of the most successful renewable energy companies in India. The company’s CEO, Vineet Mittal, earlier headed Welspun Renewable Energy. The company was among the first movers in India’s renewable energy market and had been delivering projects even before the country had introduced the reverse auction regime. Mittal propelled the company to an installed capacity base of 1.1 gigawatts — including 990 megawatts of solar power capacity, which was the largest in the country at one point.

Welspun Renewable Energy’s stellar growth and large capacity attracted attention of one of the largest private sector power generation companies in India — Tata Power. In 2016 Welspun Renewable Energy was acquired by Tata Power Renewable Energy, a subsidiary of Tata Power, at $1.4 billion in the largest renewable energy deal in India.

 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Advertisement
 
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Clean Power

Wallflowers no more: solid oxide fuel cells are ready to do the green hydrogen dance.

Clean Transport

Technology advances are breaking all kinds of patterns. One notable improvement is more that women are to be found in automotive workplaces in India,...

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Aviation

As VinFast,  a Vietnamese EV company, announced its plan to open more than 50 stores across France, Germany, and Netherland at EVS35, the Audi...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.