Avaada has achieved total debt sanctions of nearly $950 million across three large utility-scale renewable energy projects. | Photo Credit: iStockphoto

Avaada Group on Monday announced the successful financial closure of its Firm and Dispatchable Renewable Energy (FDRE) project in Bikaner, Rajasthan.

In addition, the company has secured debt financing for two 300 MW solar power projects located in Rajasthan and Gujarat. With this, Avaada has achieved total debt sanctions of nearly $950 million across three large utility-scale renewable energy projects.

The FDRE project in Bikaner, Rajasthan, is being developed under a long-term Power Purchase Agreement with SJVN. The project represents the next generation of renewable energy infrastructure by combining renewable generation with firm and dispatchable supply capabilities, enabling greater grid stability and reliable round-the-clock clean power delivery.

The 300 MW solar power project in Rajasthan has a long-term Power Purchase Agreement with NTPC, while the 300 MW solar power project in Gujarat is backed by a Power Purchase Agreement with SECI. 

Debt financing for these three large projects has been raised through separate consortiums comprising leading multinational and domestic banks, including Standard Chartered Bank, State Bank of India, HSBC, DBS, SMBC, MUFG and BNP Paribas.

All three projects are currently under construction and are expected to be commissioned during FY28.

Vineet Mittal, Chairman of Avaada Group, said, “The successful closure of India’s largest FDRE financing transaction demonstrates growing confidence in advanced clean energy solutions capable of delivering reliable, round-the-clock green power at scale.”

As India’s energy demand rises, the future will belong to integrated clean energy platforms that can combine sustainability, reliability and energy security, he added. 

The projects are expected to contribute meaningfully to India’s energy security objectives, decarbonisation targets and growing demand for sustainable power solutions, while further catalysing investments in next-generation clean energy infrastructure.

Published on June 1, 2026