Avaada Energy's Solar Project Illuminates Karnataka's Green Future
May 29, 2024, 9:31 pm
Location: India, Maharashtra, Mumbai
Employees: 501-1000
Founded date: 2009
Total raised: $572.86M
In a groundbreaking development, Avaada Energy, a prominent player in the renewable energy sector, has secured a substantial Rs 315 crore financing from Aseem Infrastructure Finance for a captive solar project in the picturesque Kalaburagi district of Karnataka. This project, which is being developed under a long-term captive Power Purchase Agreement (PPA) with the esteemed Karnataka Cooperative Milk Producers' Federation Ltd (KMF), marks a significant milestone in the realm of sustainable energy initiatives.
The financing, obtained on highly competitive terms, serves as a testament to Avaada's robust project financing capability and strategic approach to project development. The successful financial closure of this project not only underscores the enduring partnership between Avaada Group and Aseem Infrastructure Finance but also highlights the unwavering trust and confidence that leading financial institutions have in Avaada's expertise and vision.
This monumental project is a shining example of Avaada Energy's commitment to driving national self-reliance and fostering a greener future for generations to come. By aligning with Avaada Group's broader sustainability strategy, this solar endeavor is poised to have a transformative impact on the Indian economy, illustrating the pervasive influence of energy transition across various sectors.
As the project progresses towards completion in Q3 FY25, it is set to serve as a beacon of hope and progress, illuminating the path towards a more sustainable and environmentally conscious future for Karnataka and beyond. With Avaada Energy at the helm of this innovative initiative, the solar project stands as a testament to the power of collaboration, innovation, and unwavering dedication to creating a brighter, greener tomorrow.
The financing, obtained on highly competitive terms, serves as a testament to Avaada's robust project financing capability and strategic approach to project development. The successful financial closure of this project not only underscores the enduring partnership between Avaada Group and Aseem Infrastructure Finance but also highlights the unwavering trust and confidence that leading financial institutions have in Avaada's expertise and vision.
This monumental project is a shining example of Avaada Energy's commitment to driving national self-reliance and fostering a greener future for generations to come. By aligning with Avaada Group's broader sustainability strategy, this solar endeavor is poised to have a transformative impact on the Indian economy, illustrating the pervasive influence of energy transition across various sectors.
As the project progresses towards completion in Q3 FY25, it is set to serve as a beacon of hope and progress, illuminating the path towards a more sustainable and environmentally conscious future for Karnataka and beyond. With Avaada Energy at the helm of this innovative initiative, the solar project stands as a testament to the power of collaboration, innovation, and unwavering dedication to creating a brighter, greener tomorrow.