Avaada Group said on Wednesday that it has successfully completed refinancing of nine of its projects across business divisions totalling ₹8,500 crore (around $1 billion), showcasing the company’s commitment to advancing renewable energy solutions across India.

The transactions include a mix of utility scale IPP projects, large scale agri photovoltaic projects, merchant power generation projects, C&I projects and the Group’s green module manufacturing business reflecting Avaada’s integrated capabilities in the energy transition space and its concerted attempt to achieve an optimised financing structure for its integrated business profile, the Group said.

These financings were carried out with a diverse set of lenders ranging from leading public sector banks and financial institutions such as SBI, Union Bank, NABFID and PFC.

Private banks and financial institutions included Standard Chartered, Axis, Yes Bank, Tata Capital, Aseem Infra, NIIF, among others.

These transactions underline Avaada’s ability to develop and execute a wide range of projects and successfully engage with a diverse set of lenders with varying credit appetites for its projects across their life cycle. It demonstrates its capability to attract investments across a wide range of projects, strengthening its position as a pioneer in India’s renewable energy ecosystem.

Vineet Mittal, Chairman of Avaada Group, said, “Securing around $1 billion in financing commitments from such a large group of lenders demonstrates our ability to structure and execute diverse renewable energy projects at scale. This achievement reflects the trust that financial institutions have in Avaada’s vision of implementing transformative green energy solutions by deploying optimal financing structures.“

The financial transactions are geared towards funding a portfolio of projects across various categories. This includes utility-scale solar projects, decentralised agri-photovoltaic initiatives under the PM-KUSUM scheme, and state-of-the-art solar module manufacturing facilities, contributing to India’s 500 GW renewable energy target by 2030.