ADB invests US$50 million in India’s Avaada Energy

Facebook
Twitter
LinkedIn
Reddit
Email
Avaada Energy is headed by former Welspun Renewables chief Vineet Mittal and has 1.7GW of PPAs signed. Credit: Avaada

The Asian Development Bank (ADB) is to invest US$50 million in Indian renewable energy developer Avaada Energy, which is headed by former Welspun Renewables chief Vineet Mittal.

The investment to help the company rapidly scale up its PV capacity in India will come from ADB’s Ordinary Capital Resources and Leading Asia’s Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency, which is administered by ADB.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Avaada has been in operation since 2017 and works across utility-scale, rooftop, and off-grid solar projects, having already secured power purchase agreements (PPAs) for roughly 1.7GW of capacity, as well as a recent 350MW auction win in Maharashtra.

Mittal said: “These recent investments by global financial giants reinforce India’s prominence in the global clean energy sector. This investment by ADB validates Avaada’s execution track record and commitment in creating a cleaner and sustainable India.”

On Twitter recently, the AEPL chair has also expressed his belief in the spreading of 100MW-sized projects across India as the most suitable PV solution:

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

July 18, 2025
The average price of solar panels used in distributed generation projects in the US reached US$0.27/W by the first half of the year.
July 17, 2025
Indian solar manufacturers are among the targets of a new petition filed by US producers alleging illegal trade practices by overseas firms.
Premium
July 17, 2025
Implementing greater policy clarity pertaining to the EPBD will be essential if Europe is to realise its distributed rooftop solar targets.
July 17, 2025
Corporate funding in the solar sector fell by 39% in the first half of 2025 compared with the same period last year.
July 16, 2025
Planning uncertainty and policy instability regarding renewables in Queensland have seen it slip in investment attractiveness, with New South Wales now leading Australia.
July 15, 2025
Indian renewable energy company SAEL Industries is developing a 5GW solar cell and 5GW module manufacturing facility in Greater Noida, Uttar Pradesh.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK