Avaada Group has achieved financial closure of approximately US$1.3 billion for a 2.15 GW renewable energy portfolio across Gujarat and Maharashtra. The funding will support the development of hybrid and utility-scale solar projects for MSEDCL and GUVNL.
Avaada Group has secured approximately US$1.3 billion in financing for a 2,150 MW renewable energy portfolio, marking one of the company’s largest funding milestones to date.
The financing has been sanctioned by State Bank of India (SBI), REC Limited and Canara Bank across four special purpose vehicles (SPVs).
The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL). Collectively, the projects involve the installation of more than 3 GW of solar capacity and 450 MW of wind capacity across Gujarat and Maharashtra.
The financial closure strengthens Avaada Group’s renewable energy pipeline and supports the accelerated deployment of large-scale clean energy assets across key Indian markets.
Earlier, in July 2026, the company commissioned the first 3 GW production line of its planned 6 GW high-efficiency n-type TOPCon solar cell manufacturing facility through Avaada Electro Limited at its integrated solar manufacturing complex in Butibori, Nagpur, Maharashtra, further expanding its domestic manufacturing capabilities.