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The Asian Development Bank (ADB) said on Tuesday it had signed an agreement to invest $50 million in Indian solar project developer Avaada Energy to help the company scale up quickly
.
Investments will also come from ADB's ordinary capital resources and leading Asian Private Infrastructure Fund (LEAP).
LEAP is an ADB-managed financing arrangement
provided by the Japan International Cooperation Agency (JICA).
The agreement was signed
on Tuesday by AEPL Chairman Vineet Mittal and ADB Chief Investment Specialist Mayank Choudhary, the Asian Development Bank said in a press release.
"Supporting renewable energy capacity enhancement through debt and equity is a key focus area of ADB's private sector strategy," Choudhary said, "The investment in Avaada will allow the company to expand its renewable energy capacity and send a positive signal to global investors to continue supporting the growth of
renewable energy in India.
" ”
The project will help the government increase the share of renewable energy generation capacity from about 20% in 2018 to 40%
in 2030.
It will also help reduce India's GDP emissions intensity by 33-35%
by 2030.
The Manila-based multilateral financier said the investment contributes to ADB's goal
of providing $80 billion in cumulative climate finance between 2019 and 2030.
Since it began operations in 2017, Avaada Energy is one of the leading developers of solar projects in India, offering clean energy products including utility-scale, rooftop and off-grid solar projects
.
The company has secured power purchase agreements
for approximately 1,700 MW.
ADB said that through its current equity investment, the company's funds will finance more than 2 gigawatts of projects
.
The Asian Development Bank (ADB) said on Tuesday it had signed an agreement to invest $50 million in Indian solar project developer Avaada Energy to help the company scale up quickly
.
Investments will also come from ADB's ordinary capital resources and leading Asian Private Infrastructure Fund (LEAP).
LEAP is an ADB-managed financing arrangement
provided by the Japan International Cooperation Agency (JICA).
The agreement was signed
on Tuesday by AEPL Chairman Vineet Mittal and ADB Chief Investment Specialist Mayank Choudhary, the Asian Development Bank said in a press release.
"Supporting renewable energy capacity enhancement through debt and equity is a key focus area of ADB's private sector strategy," Choudhary said, "The investment in Avaada will allow the company to expand its renewable energy capacity and send a positive signal to global investors to continue supporting the growth of
renewable energy in India.
" ”
The project will help the government increase the share of renewable energy generation capacity from about 20% in 2018 to 40%
in 2030.
It will also help reduce India's GDP emissions intensity by 33-35%
by 2030.
The Manila-based multilateral financier said the investment contributes to ADB's goal
of providing $80 billion in cumulative climate finance between 2019 and 2030.
Since it began operations in 2017, Avaada Energy is one of the leading developers of solar projects in India, offering clean energy products including utility-scale, rooftop and off-grid solar projects
.
The company has secured power purchase agreements
for approximately 1,700 MW.
ADB said that through its current equity investment, the company's funds will finance more than 2 gigawatts of projects
.
