Avaada Energy Pvt Ltd has announced that it has bagged USD 143.7 million investment from multi-lateral agencies including Asian Development Bank for financing its 2.4 GW renewable energy portfolio.
Avaada Energy has set a target to develop 5 GW of renewable energy projects across Asia and Africa over the next two years. The 2.4 GW capacities out of the targeted 5 GW, funded through this infusion will facilitate Avaada’s leadership role in India’s transition to clean energy said the company in a statement.
Early last year the company announced that it was in talks with the Vietnamese Government for setting up mega solar capacities.
“At Avaada our business strategies are inter-woven with the ancient Indian principle of sustainability ’. We are harnessing the power of the sun to ensure a sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. I am thankful and appreciate the repeat investments by ADB and DEG in our renewable energy ventures. Investments by these global financial stalwarts revalidates our impeccable execution track record, high performing assets generating maximum returns for all our stakeholders,” said Vineet Mittal, chairman Avaada Group.
So far the company has executed 2 GW of renewable energy projects. In more than ten states the company has developed wind and solar energy projects.
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