On 19^th April 2024, Implemented within a Restricted Group (RG) framework, this transaction received an 'AA (Stable)' rating from CareEdge Ratings. Its objective was to bolster Avaada's sustainable energy endeavors, guaranteeing consistent, enduring cash flows, and bolstering financial stability. Additionally, the initiative played a pivotal role in mitigating the global carbon footprint, aligning with Avaada's commitment to environmental responsibility and fostering sustainable practices within the industry.

Avaada Energy, a subsidiary specializing in renewable energy under the Avaada Group, has announced the successful conclusion of a substantial refinancing deal. This transaction secured approximately USD 535 million (INR 4,471 crore) from the state-owned National Bank for Financing Infrastructure and Development (NaBFID). The refinancing covered four solar projects situated in Rajasthan, linked to the Interstate Transmission System (ISTS), boasting a combined capacity of around 1700 MWp. Structured within a Restricted Group (RG) framework, this initiative received an 'AA (Stable)' rating from CareEdge Ratings. Its primary objective was to bolster Avaada's sustainable energy endeavors, ensuring steady, prolonged cash flows, and enhancing financial robustness, all while making a significant contribution to global carbon footprint reduction.

The proceeds obtained from NaBFID were deployed to repay existing loans, facilitating a successful exit for multiple lenders. The 20-year Rupee Term Loan (RTL) facility brought significant commercial enhancements compared to the previous facilities that were prepaid. In reflection of this financial achievement, Vineet Mittal, Chairman of Avaada Group, highlighted, "We reached a significant milestone by refinancing four of our largest operational assets in Rajasthan, which had been in operation for approximately two years. This transaction marked one of the largest in India’s renewable energy market, allowing us to settle existing lenders and welcome NaBFID as the new sole lender. It underscored financial institutions' keen interest in supporting renewable energy projects with stable, long-term cash flows. Securing better interest rates for operational assets further bolstered our financial performance while delivering value to all stakeholders.