India's Avaada Energy gets 143.7 million USD funding from multi-lateral agencies

Source: Xinhua| 2019-04-09 18:02:54|Editor: Li Xia
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MUMBAI, April 9 (Xinhua) -- India's leading clean energy company -- Avaada Energy Pvt Ltd has raised 143.7 million U.S. dollars investment for financing its 2.4 GW renewable energy portfolio from multi-lateral agencies including Asian Development Bank, the company said Tuesday in a release.

The 2.4 GW capacities out of the targeted 5 GW by the company, funded through this infusion will facilitate Avaada's leadership role in India's transition to clean energy and contribution in achieving India's vision of 100 GW of solar energy by 2022, the release said.

Appreciating the investment made into the company by agencies like DEG the German Development Finance Institution, Netherlands Development Finance Company FMO as also promoter's equity, Vineet Mittal, chairman Avaada Group said "We are harnessing the power of the sun to ensure sustainable world for future generations. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa."

In November 2015, India had 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 objective of the alliance is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.