Founder of Brookfield-backed Avaada seeks $750 million loan

The founder of Avaada Group, one of India’s largest clean-energy company, is planning to borrow about $750 million from a group of global lenders to refinance the firm’s existing debt, according to people familiar with the matter.

Vineet Mittal, who’s also chairman of Brookfield Renewable Partners-backed Avaada Group, is seeking the deal through an entity and has mandated at least two banks including Barclays Plc and DBS Bank to underwrite it, the people said, asking not to be identified as the discussions are private. The proceeds will be used to repay a $1 billion credit facility that was issued by Brookfield in 2023 to Avaada Ventures Pvt., they said.

Also Read: Avaada secures $950 million from global, domestic banks


The new package — likely to be split into an offshore loan and rupee-denominated bond — is expected to have a tenor of about three years, the people said, adding its structure and terms aren’t finalized. Other global lenders, including Standard Chartered Plc, Nomura Holdings Inc. and JPMorgan Chase & Co., are also in talks to join the lender group, they said.

If completed, the financing package would further reflect global investors’ confidence in India’s renewable energy, a fast‑growing sector tackling the immense challenge of transitioning the world’s third‑largest carbon emitter toward a goal of lifting non‑fossil fuel capacity to 60% by 2035.

Also Read: Avaada targets 17.7 GW renewable energy capacity within two years

Avaada Group, which includes Avaada Energy, is one of India’s fastest-growing renewable energy developers with a portfolio spanning solar, wind and hybrid power projects. It is also considering a Mumbai initial public offering for its solar cell unit, Avaada Electro.