- Delhi-based Avaada Energy Pvt Ltd, a clean & renewable energy startup, has raised $143.7 million/ ₹1,000 crore funding for financing its 2.4 GW renewable energy portfolio from multi-lateral agencies including Asian Development Bank, Germany's Deutsche Entwicklungs- und Investitionsgesellschaft (DEG), Dutch development bank Netherlands Development Finance Company (FMO).
- Avvada was founded in 2009 by serial entrepreneur Vineet Mittal, who had sold his previous venture, Welspun Energy, to Tata Power for $1.4 billion.
- Over the next 5 years, the company aims to develop a diversified portfolio of utility scale solar & wind projects, solar rooftop and EPC business.
- To recall, in December last year, Jaipur-based solar power developer and EPC (Engineering, Procurement, and Construction) player, Rays Power Infra had raised Rs 200 crore in mix of debt and equity funding from DMI Finance (DMI), a New Delhi-based Non-Bank Finance Company.
Clean Energy Startup Avaada Raises $144 Mn from Asian Development Bank, Others
9 April 2019 6:11 AM GMT