Avaada secures nearly $950 million for Bikaner FDRE and solar projects
Avaada Group just locked in almost $950 million to power up three major renewable energy projects, including an FDRE project in Bikaner, Rajasthan, designed to deliver round-the-clock clean power.
The funding came from a group of big-name banks like SBI, Standard Chartered, HSBC, and others.
FDRE aims 24/7 green power supply
The flagship FDRE project aims to deliver round-the-clock green electricity by mixing renewables with reliable supply.
Alongside, two more solar projects (300 megawatts each) in Rajasthan and Gujarat are getting built under long-term deals with NTPC and SECI, while SJVN is tied to the FDRE project in Bikaner, Rajasthan.
All three are under construction now and should be up and running by FY28.
Vineet Mittal: funding supports energy security
Avaada's chairman Vineet Mittal called the financial win a sign that people believe in advanced clean energy solutions.
He said these projects will help boost India's energy security and push forward its climate goals.