Avaada Energy is a subsidiary of Avaada Group. The company has recently secured a $38 million  investment from Assem Infrastructure Finance Ltd. This amount raised is for the captive solar project  in Karnataka by AIFL which is an Infrastructure Finance company that aims to work as a transformative  factor in the growth of Indian infrastructure debt financing.  

The company has secured an investment of Rs 315 crore for its solar power project, which is being  developed under a long-term captive power purchase Agreement with Karnataka Cooperative Milk  Producers Federation Ltd. Et reported that this captive solar project is located in Kalaburagi, Karnataka.  The Chairman of Avaada Group, Vineet Mittal highlighted that this investment of Aseem Infrastructure  Finance showcases the “long-standing” relationship between the two companies. The funding will help  Avaada Energy to develop the captive project, illustrating the impact of energy transition across the  Indian economy.  

Image source: Avaada.com 

Avaada Energy claims to benefit the environment with its technologies. The startup is backed by its  strong Engineering, Procurement & Construction capabilities. The company decided to use this fund  to grow further and expand in the market as well as use it on scaling up the operations. Avaada Energy  claims that they have executed over 4GW of renewable capacities across varied geographies in the  country. 

The company offers various transformative energy solutions for wind, green hydrogen, and solar  technologies. The company aims to make a sustainable future. Tofler reported that the operating  revenue for Avaada Energy ranged over Rs 500 crore for FY23, while its EBITDA increased over the  previous year by 378.46 percent. Despite the decrease in revenue compared to FY22 in operational  expenses, the startup holds a strong commitment to future growth and profitability in this sector. The  company decided to use this fund to grow further and expand in the market as well as use it to scale  up its operations. 

Conclusion: 

Avaada Energy is an arm of Avadda Group. They have secured $38 million in funding round this time.  This amount raised is for the captive solar project in Karnataka. The company’s success in winning the  largest single bid for a solar project with a 1,050 MWp capacity and its robust financial performance in  FY23. The funding will help Avaada Energy to develop the captive project, illustrating the impact of  energy transition across the Indian economy. Avaada Energy claimed to have won the single largest  bid of 1,050 MWp capacity of solar project on a recent tender issued by NTPC. The ongoing project  with the Karnataka Cooperative Milk Federation further demonstrates Avaada Energy’s commitment  to sustainable development and its potential to drive a substantial positive impact on the Indian  economy. This startup plans to scale up its existing segments, enhance its platform, and expand in the  renewable energy sector. The Chairman of Avaada Group, Vineet Mittal highlighted that this  investment of Aseem Infrastructure Finance showcases the “long-standing” relationship between the  two companies. The funding will help Avaada Energy to develop the captive project, illustrating the  impact of energy transition across the Indian economy.