Debt financing for the three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas, the company said.
All three projects are currently under construction and are expected to be commissioned during FY2027–28, it said.
The company announced the successful financial closure of its Firm and Dispatchable Renewable Energy (FDRE) project in Bikaner, Rajasthan, marking India’s largest financing transaction in the FDRE segment.
Avaada has also secured debt financing for two 300 MW solar power projects located in Rajasthan and Gujarat.
The FDRE project in Bikaner, Rajasthan, is being developed under a long-term Power Purchase Agreement with SJVN. The project represents the next generation of renewable energy infrastructure by combining renewable generation with firm and dispatchable supply capabilities, enabling greater grid stability and reliable round-the-clock clean power delivery.
The 300 MW solar power project in Rajasthan has a long-term Power Purchase Agreement with NTPC, while the 300 MW solar power project in Gujarat is backed by a Power Purchase Agreement with SECI.
