Independent power producer (IPP), Avaada Energy, has announced that it has secured financing of around  ₹10 billion ($143.8 million) in the form of equity infusion from the Asian Development Bank (ADB), German development bank – DEG, Dutch development finance company- FMO, and promoters’ equity.

The funding is expected to be used to develop a portfolio of 2.4 GW capacity of renewable energy projects. Avaada Energy has set a target to develop 5 GW capacity of clean energy projects across Asia and Africa over the next two years. In February 2018, the company announced that it was in talks with the Vietnamese Government for setting up mega solar capacities.

On the latest financing, Vineet Mittal, chairman Avaada Group commented, “At Avaada our business strategies are inter-woven with the ancient Indian principle of sustainability ’. 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. I am thankful and appreciate the repeat investments by ADB and DEG in our renewable energy ventures. Investments by these global financial stalwarts revalidates our impeccable execution track record, high performing assets generating maximum returns for all our stakeholders.”

Founded in 2016, Avaada Energy has until now executed 2 GW of renewable energy projects. According to the company, it has developed wind and solar energy projects in more than ten states in India. Avaada Energy is expected to leverage its experience in engineering, procurement, and construction (EPC) to expand its portfolio in the future.

In February 2018, Avaada Energy announced that it had signed an agreement with the government of Andhra Pradesh to develop 500 MW capacity of utility-scale solar projects.

Last month, Mercom reported on ADB’s plans to invest $50 million in Avaada Energy. The project developer was to use the capital to expand its solar energy generation capacity in India.