Avaada Energy is a subsidiary of Avaada Group. The company recently secured a $38 million investment from Assem Infrastructure Finance Ltd. This amount is raised for AIFL’s captive solar project in Karnataka. AIFL is an Infrastructure Finance company that aims to transform the growth of Indian infrastructure debt financing. Here, we are talking about AVAADA Energy Secured $38 Million From AIFL For Its Captive Solar Project in Karnataka.
The company has secured an investment of Rs 315 crore for its solar power project, which is being developed under a long-term captive power purchase Agreement with Karnataka Cooperative Milk Producers Federation Ltd. Et reported that this captive solar project is located in Kalaburagi, Karnataka. The Chairman of Avaada Group, Vineet Mittal, highlighted that this investment of Aseem Infrastructure Finance showcases the “long-standing” relationship between the two companies. The funding will help Avaada Energy to develop the captive project, illustrating the impact of energy transition across the Indian economy.
Here, we are discussing about AVAADA Energy Secured $38 Million From AIFL For Its Captive Solar Project in Karnataka:
Avaada Energy claims to benefit the environment with its technologies. The startup is backed by its strong Engineering, Procurement & Construction capabilities. The company used this fund to grow, expand in the market, and scale up its operations. Avaada Energy claims that they have executed over 4GW of renewable capacities across varied geographies in the country.
The company offers various transformative energy solutions for wind, green hydrogen, and solar technologies. It aims to create a sustainable future. Tofler reported that Avaada Energy’s operating revenue ranged over Rs 500 crore for FY23, while its EBITDA increased by 378.46 percent over the previous year. Despite the decrease in revenue compared to FY22 in operational expenses, the startup is committed to future growth and profitability in this sector. The company used this fund to grow, expand in the market, and scale up its operations.
Conclusion
Avaada Energy is an arm of Avadda Group. They have secured $38 million in funding round this time. This amount has been raised for the captive solar project in Karnataka. The company won the most significant single bid for a solar project with a 1,050 MWp capacity and robust financial performance in FY23. The funding will help Avaada Energy to develop the captive project, illustrating the impact of energy transition across the Indian economy. Avaada Energy claimed to have won the most significant bid of 1,050 MWp solar project capacity on a recent tender issued by NTPC.
The ongoing project with the Karnataka Cooperative Milk Federation demonstrates Avaada Energy’s commitment to sustainable development and its potential to impact the Indian economy substantially. This startup plans to scale up its existing segments, enhance its platform, and expand in the renewable energy sector. The Chairman of Avaada Group, Vineet Mittal, highlighted that this investment of Aseem Infrastructure Finance showcases the “long-standing” relationship between the two companies. The funding will help Avaada Energy to develop the captive project, illustrating the impact of energy transition across the Indian economy.
