Avaada Energy gets $15 mn funding from French finance institution Proparco

Topics Avaada | funding | Microfinance

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Solar projects developer Avaada Energy on Friday said it has secured $15 million (around Rs 107.55 crore) funding from French development finance institution Proparco.

In April, Avaada received a total investment of over Rs 1,000 crore from Asian Development Bank, DEG, Dutch finance development company FMO and company's promoter.

"Avaada Energy...has received $15 million in equity investments from Proparco, a French development finance institution for part financing its renewable energy portfolio of the targeted 5 GW capacity," the company said in a statement.

This clearly establishes the capability and strength of Avaada in executing renewable projects and attracting quality global investors. Avaada will continue to seek investment from quality long-term investors to grow its portfolio which will help the country's fight against climate change, it said.

"Avaada is committed to providing sustainable environment for future generation. We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. Recently we have received investments from ADB, DEG and FMO," Vineet Mittal, Chairman of Avaada Group said.

Avaada Energy is a developer of renewable energy projects, backed by its strong engineering, procurement and construction (EPC) capabilities.

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