New Delhi: Vineet Mittal-promoted Avaada Energy Pvt Ltd has raised ₹1,000 crore from investors such as the Asian Development Bank, Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch development bank Netherlands Development Finance Company (FMO), Avaada Group said in a statement on Tuesday.
The equity raised is for financing Avaada Energy’s 2.4 giga watt (GW) renewable energy portfolio. Avaada Power is Mittal’s second innings in India’s clean energy space after Tata Power Co. Ltd bought the entire 1.1 GW renewable energy portfolio of Welspun Energy Ltd for $1.4 billion in 2016.
