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.
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:
A 100 MW solar plant creates approx. 1000 direct+indirect jobs.— Vineet Mittal (@Vineet__Mittal) February 13, 2019
Installing a GW scale project will see development in only 1 location. While building 100 MW capacities in each district means every district develops uniformly. #ClimateActionNow @UNEnvironment @narendramodi
The PV IndiaTech 2020 conference will continue to bring together all key domestic and overseas stakeholders, including government bodies, investors, and the leading companies today from manufacturing to O&M and asset management. To thrive globally as a major PV power beyond 2020, India has to succeed in unlocking its potential both to manufacture and to lay claim to quality utility-scale solar farms that are providing high returns on investment to site owners.