Avaada Energy on Thursday said it closed a refinancing deal of Rs 4,471 crore with National Bank for Financing Infrastructure and Development for its four solar projects in Rajasthan.
The financing from NaBFID will enable Avaada Energy to prepay existing loans to multiple lenders. The facility, sanctioned and disbursed as a 20-year rupee term loan, achieves significant commercial improvements over the earlier facilities prepaid, the company said in a statement.
"Avaada Energy is pleased to announce the successful closure of one of the largest refinancing transactions in India's renewable energy sector, securing about Rs 4,471 crore ($535 million) from the state-owned lender NaBFID," the statement said.
This refinancing transaction, conducted under Restricted Group (RG) structure, encompasses four inter-state transmission system-connected solar projects with a combined capacity of 1,700 MWp. The structure has been rated as 'AA (Stable)' by CareEdge Ratings, it said.
Vineet Mittal, Chairman of Avaada Group, said, "We have achieved a major milestone by refinancing four of our largest operating assets in Rajasthan. These assets have been operational for approximately two years. This is one of the largest transactions ever conducted in India's renewable energy market and allows us to pay off existing lenders and welcome NaBFID as the new single lender." Avaada Group has been engaged in renewable energy generation, solar PV manufacturing, development of green fuels such as green ammonia, green methanol and sustainable aviation fuel, and providing energy storage solutions.
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