Indian renewable energy developer Avaada Group has secured nearly US$950 million in debt financing across three utility-scale renewable energy projects.
The financing covers a firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan, alongside two 300MW solar PV projects in Rajasthan and Gujarat. According to the firm, this is the country’s largest financing transaction for an FDRE project.
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The Bikaner FDRE project is being developed under a long-term power purchase agreement (PPA) with SJVN, while the Rajasthan solar project has secured a PPA with NTPC and the Gujarat project has an offtake agreement with Solar Energy Corporation of India Limited (SECI).
Debt financing was provided through separate banking consortiums comprising Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas.
All three projects are currently under construction and are scheduled to be commissioned during fiscal years 2027 and 2028.
“This landmark financing is not just a milestone for Avaada, but a defining moment for India’s renewable energy evolution. The successful closure of India’s largest FDRE financing transaction demonstrates growing confidence in advanced clean energy solutions capable of delivering reliable, round-the-clock green power at scale. As India’s energy demand rises, the future will belong to integrated clean energy platforms that can combine sustainability, reliability and energy security,” said Vineet Mittal, Chairman, Avaada Group.
The financing highlights growing lender appetite for India’s renewable energy sector, particularly FDRE projects, which combine renewable generation with dispatchable power delivery to support grid reliability and round-the-clock clean energy supply.
Last October, Avaada signed a memorandum of understanding (MoU) with the Gujarat government to develop 5GW of solar PV, 1GW of wind and 5GWh of battery energy storage across the state’s Kutch, Banaskantha and Surendranagar districts. The projects, backed by an investment of INR360 billion (US$4.05 billion), are scheduled to be developed between 2027 and 2030.
That same month, the company also announced the start of construction on a 2,500MWh battery energy storage system (BESS) paired with a 1,560MWp solar PV project in Rajasthan’s Bikaner district. The project is expected to provide dispatchable renewable power and enhance grid reliability once operational.
