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Pavaaga Project
Proparco is supporting one of the main Indian developers of photovoltaic projects via an equity investment in Avaada Venture Private Limited
Client presentation

Avaada Energy Private Limited, which was set up in 2017 by Vineet Mittal, is one of the main Indian developers of photovoltaic projects. The company currently has an operational capacity of 917 MW and a portfolio under construction of 3,0 GW. It aims to achieve an installed capacity of 5 GW by 2022.

Project description

Equity investment in Avaada Venture Private Limited

Project impact

On the economic front, the project is expected to contribute to building a more resilient Indian economy by generating some 2.27 GWh of green energy every year. This is a major gain for India, which is one of the world’s three largest energy consumers. It should also contribute to diversifying the country’s energy mix (which is currently mainly thermal), by strengthening the integration of a resource that is not only clean but is also now competitive. Finally, it should promote a more balanced territorial grid network by developing the capacity in rural areas which currently have little or no electricity service. 
On the environmental front, the project is fully in line with the Paris Agreement mandate with the following expected impacts on the climate: i) emissions reduced by 1.69 Mt CO2 a year when the solar power plants are operational, (ii) a major contribution to the climate path set by the Indian Government, whose target is to achieve 225 GW of renewable energy generation capacity by 2022, including 100 GW of solar capacity.
On the social front, the project is expected to have major impacts, firstly by improving access to electricity for over 2.8 million people, but also by generating positive impacts on employment by creating or maintaining some 19,000 jobs in India’s economy. 

Date of signature of the project
Financing tool
17 932 970 Euros
Amount of funding
USD 20m Equity investment (INR 1,439,555,000)
Financing details
Avaada Energy Private limited