Avaada Energy secures Rs 315 crore finance for captive solar project in Karnataka
The project is located in the Kalaburagi district of Karnataka. KMF, the apex body for the dairy cooperative movement in Karnataka, is rated A+ (Stable) by ICRA.
Avaada Group's arm Avaada Energy on Wednesday said it has secured Rs 315 crore financing from Aseem Infrastructure Finance for a captive solar project in Karnataka.
Aseem Infrastructure Finance Ltd (AIFL) is an IFC (Infrastructure Finance Company) established with the aim of playing a transformative role in the growth of Indian infrastructure debt financing, according to a company statement.
Avaada Energy, a leading player in the renewable energy sector, has secured financing for its solar PV power project, which is being developed under a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers' Federation Ltd (KMF), the statement said.
The project is located in the 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 Rs 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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Understanding the Rule of 72: How a 12% return can double your Rs 5 lakh monthly SIP to Rs 10 lakh in 6 years
GMR Airports Infra and 4 more: Axis Direct recommends buying 5 stocks for 5-15 days | Check targets, stop losses
Top 7 ETF Mutual Funds With Highest SIP Returns in 5 Years: How Rs 21,000 monthly SIP has grown in each ETF over the years
RVNL, Bajaj Finserv and 5 more: Brokerage recommends buying these 7 stocks for up to 3 months | Check target, stop loss
SIP+SWP: Rs 20,000 monthly SIP for 16 years to get Rs 99,000 monthly income for 42 years; how is it possible?
SBI Senior Citizen FD Rates 2024: What you can get if you invest Rs 3 lakh, Rs 5 lakh, Rs 7 lakh, and Rs 9 lakh in 1-, 3-, and 5-year FDs
03:41 PM IST