Avaada Energy has successfully obtained Rs 315 crore in financing for its captive solar power project in Karnataka. This substantial funding, provided by L&T Finance, underscores the growing investment in renewable energy within India. The project aims to enhance energy self-sufficiency for industrial consumers through a captive model, where the generated power is primarily used by the investors themselves.
The funding will support the development of a 210 MW solar plant, which is expected to play a significant role in reducing carbon emissions and promoting sustainable energy practices in the region. The project is aligned with India?s commitment to increasing its renewable energy capacity and reducing reliance on fossil fuels.
Avaada Energy, a leader in the renewable energy sector, continues to expand its portfolio with projects that emphasize sustainability and innovation. This financing deal is a testament to Avaada's robust project execution capabilities and its commitment to contributing to India?s renewable energy targets.
Vineet Mittal, Chairman of Avaada Group, expressed his gratitude for the support from L&T Finance, highlighting that this partnership will enable Avaada to optimize its capital structure and streamline the ownership of its renewable assets. This project is part of Avaada's broader strategy to achieve 11 GW of installed renewable energy capacity by 2026, contributing significantly to the nation?s green energy goals.
In addition to its efforts in solar energy, Avaada is also involved in solar PV manufacturing and the development of green fuels, including green ammonia and green methanol. This comprehensive approach positions Avaada as a key player in India's transition towards a sustainable energy future.
This financing milestone not only strengthens Avaada's position in the renewable energy market but also demonstrates the increasing investor confidence in sustainable energy projects. As India continues to advance its renewable energy agenda, projects like Avaada?s solar initiative in Karnataka will be crucial in meeting the country?s ambitious energy and environmental targets.
