Delhi-based clean energy startup Avaada has raised ₹1,000 crores (~ $143 million) funding from Asian Development Bank, Germany’s Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), and Dutch development bank Netherlands Development Finance Company (FMO).
The startup will use the funds to finance its 2.4 GW renewable energy capacities out of 5 GW targeted by the firm. Founded by Vineet Mittal in 2009, Avaada aims to contribute in achieving India’s vision of 100 GW solar energy by 2022. Vineet Mittal is a serial entrepreneur who founded Welspun Energy and sold it to Tata Power for ₹9,800 crores ($1.4 billion).
Speaking on recent funding, Mittal, chairman of Avaada Group said, “We are harnessing the power of the sun to ensure a sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa.”
Avaada has a presence in several African and Asian countries and aims to develop a diversified portfolio of utility-scale solar and wind projects, solar rooftop as well as EPC business.
In December 2018, Jaipur-based Rays Power Infra raised ₹200 crores from DMI Finance. Prior to that in October 2018, another solar power producer Azure Power raised ₹1,295 crores from Canada’s CDPQ.
In November 2015, India initiated International Solar alliance, a congregation of 122 sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn and now extended to all members of the United Nations. The primary aim of the alliance is to work for efficient utilization of solar energy to reduce dependence on fossil fuels.