DEG invests in Indian solar group Avaada

In:

Renewable energy

Region:

Asia-Pacific

Germany's DEG has pledged $10 million in funding to Indian solar energy company Avaada Energy Private Limited.

The funding will be applied for the construction, operation, and maintenance of targeted projects as Avaada aims to reach 4.3GW of capacity by 2022 with a diversified portfolio. The portfolio includes 635MW of commissioned projects and 1.96GW under various stages of development.

DEG's financing follows a $15 million in INR equivalent investment in Avaada in September by the Asian Development Bank.

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