Avaada Energy secures $10 million funding from German finance institution DEG

Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a German development finance institution, has committed funding of $10 million to Avaada Energy Private Limited for the development of 4.3 GW of renewable capacity by 2022. The funding will be used for the construction, operation and maintenance of selected renewable energy projects in India. According to DEG, the project is expected to reduce the power deficit across states. It is also aimed at diversifying the existing generation mix by harnessing indigenous resources, reducing dependence on imported fuel as well as increasing energy security and the balance of payment.