Indian renewable energy developer Avaada Group has closed a $1.3 billion debt financing package to fund a 2.15 gigawatt portfolio of solar and hybrid projects located across two western Indian states, marking one of the larger single financing rounds in the country's clean energy sector in recent months.

Portfolio Breakdown

The 2.15 GW portfolio consists of two distinct tranches of generating capacity. Approximately 1.35 GW is allocated to hybrid renewable energy projects, which combine multiple generation technologies, while the remaining 800 MW comprises dedicated solar installations. Both segments are being developed in Gujarat and Maharashtra, two states that have established themselves as significant hubs for utility-scale renewable buildout in India.

Lending Consortium

The $1.3 billion in debt financing was provided by a consortium of Indian public-sector financial institutions. State Bank of India, REC Ltd, and Canara Bank are identified as the lenders supporting the development program. The involvement of these institutions — each with substantial track records in infrastructure and energy project finance — reflects continued appetite among state-backed lenders for large-scale clean energy assets as India pursues its broader capacity expansion targets.

Scale and Context

The financing closure positions Avaada among the more active independent renewable developers operating at scale in India. A combined capacity of 2.15 GW across a single financing round places the transaction in a segment of project finance deals that require coordination among multiple large creditors and extended due diligence across project sites. Gujarat and Maharashtra together represent a substantial share of India's installed and pipeline renewable capacity, offering established grid infrastructure and relatively favorable resource conditions for both solar and hybrid configurations.

No commissioning timeline or phased construction schedule was detailed in the available source material, nor were specific offtake arrangements or power purchase agreement counterparties identified.