Avaada Energy raises Rs 10 billion from ADB, Germany’s DEG and Netherlands’ FMO

Avaada Energy Private Limited (AEPL) has secured financing of about Rs 10 billion ($143.8 million) in the form of equity infusion from the Asian Development Bank (ADB), Germany-based DEG, the Netherlands Development Finance Company (FMO), and promoters’ equity. AEPL has set a target of developing 5 GW of clean energy projects across Asia and Africa over the next two years. The funding is expected to be used to develop a portfolio of 2.4 GW of renewable energy projects.

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