Avaada Energy, an arm of Avaada Group, said it has closed approximately Rs 597 crore ($71.1 million) in refinancing for its commercial and industrial (C&I) solar projects in the states of Karnataka and Maharashtra.
The refinancing was secured from NIIF Infrastructure Finance Limited (NIIF IFL), an infrastructure debt fund dedicated to refinancing operational infrastructure projects.
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Avaada’s solar projects currently supply electricity to various leading corporations in the country, including Bharti Airtel, Motherson, Bharat Forge, STT, Nxtra Data, and Lumax, supporting them in their energy transition goals.
Avaada said the refinancing from NIIF IFL secured significantly improved commercial terms to facilitate prepayment of existing loan facilities, along with delivering a reduction in finance costs while releasing capital for future deployment.
“This financing is a testament to our strategic vision of developing a diversified and high-quality energy transition portfolio to attract specialised capital,” said Vineet Mittal, chairman of Avaada Group. “The improved financing terms enhance the financial position of these projects and create value for all stakeholders.”
First Published: Oct 15 2024 | 6:10 PM IST
