Avaada Group, which includes Avaada Energy, is one of the fastest-growing renewable energy developers in India, possessing a portfolio of solar, wind, and hybrid energy projects.
Seeking financing for debt refinancing
The founder of Avaada Group, one of India's largest clean energy companies, plans to raise approximately $750 million from a group of international lenders. The purpose of this loan is to refinance the company's existing debt obligations.
According to sources familiar with the matter, Vineet Mittal, who also serves as Chairman of the Board of Directors of Avaada Group, backed by Brookfield Renewable Partners, is initiating this deal through a special structure. He has commissioned underwriting from at least two banks: Barclays Plc and DBS Bank, although sources requested anonymity as the discussions are private.
Structure and terms of the new package
The funds raised will be used to repay a $1 billion credit agreement issued by Brookfield to Avaada Ventures Pvt. in 2023. The new financial package, which is expected to be split between an offshore loan and a rupee-denominated bond, is anticipated to have a three-year maturity, although its structure and terms have not yet been finalized.
