Avaada Energy, the renewable energy unit of India’s Avaada Group, has closed an INR-44.71-billion (USD 535.8m/EUR 500m) debt refinancing deal regarding a solar portfolio of roughly 1.7 GWp in the state of Rajasthan.
The transaction is one of the largest refinancing deals in the Indian renewable energy sector and is tied to four solar photovoltaic (PV) parks, the Indian company said on Tuesday.
The debt proceeds were extended by state-owned lender the National Bank for Financing Infrastructure and Development (NaBFID). The new loan is sanctioned and disbursed as a 20-year Rupee Term Loan (RTL) facility, offering “significant commercial improvements over the earlier facilities.”
“Securing a better interest rate for operational assets further strengthens our bottom line while delivering value to all stakeholders,” said Vineet Mittal, chairman of Avaada Group.
The four solar farms are connected to the Inter State Transmission System (ISTS) and are Avaada Group’s largest operating assets in Rajasthan. The plants have been generating electricity for about two years.
Avaada Energy aims to have 11 GWp of renewable power capacity in operation by 2026.
(INR 10 = USD 0.120/EUR 0.112)
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