Avaada Energy, the clean energy arm of Avaada Group and a solar project developer, said on Tuesday it had received Rs 1,000-crore investments for financing its 2.4 Gega Watt (GW) renewable energy portfolio of the targeted 5 GW capacity. The equity infusion was split between Asian Development Bank, DEG— a German Development Finance Institution, Netherlands Development Finance Company FMO and promoter’s equity.
In March this year, ADB had indicated that it signed an agreement to invest $50 million in Avaada Energy to help the company rapidly scale up photovoltaic solar energy generation capacity in India.
“The investment will come equally from ADB’s Ordinary Capital Resources and Leading Asia’s Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency, which is administered by ADB,” it had said.