Avaada Energy Refinances Rs 597 cr Solar Projects

New Delhi, Oct 15 (PTI) Avaada Energy on Tuesday said it has successfully closed refinancing of around Rs 597 crore for its solar projects in Karnataka and Maharashtra.

The leading renewable energy Independent Power Producer (IPP) and an arm of Avaada Group in a statement announced the successful closure of approximately Rs 597 crore (around USD 71.1 million) in refinancing for its Commercial & Industrial (C&I) solar projects in the states of Karnataka and Maharashtra.

The refinancing was secured from NIIF Infrastructure Finance Ltd (NIIF IFL), an infrastructure debt fund dedicated to refinancing high-quality operational infrastructure projects, the statement added.

These projects currently supply electricity to various leading corporates in the country, including Bharti Airtel, Motherson, Bharat Forge, STT, Nxtra Data, Lumax etc., supporting them in their energy transition goals.

The refinancing from NIIF IFL significantly improved commercial terms to facilitate prepayment of existing loan facilities along with delivering reduction in finance costs while releasing capital for future deployment.

"The improved financing terms enhance the financial position of these projects and create value for all stakeholders," said Vineet Mittal, Chairman of Avaada Group.