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Avaada to raise funds abroad for solar energy projects in Vietnam, Africa

Avaada energy, Avaada powerVineet Mittal’s Avaada group plans to raise dollar-denominated bonds for its solar energy business abroad. The Mumbai-based entity is looking at eight countries, including Vietnam and some in Africa. Deals for two of these are likely to be signed as part of the International Solar Alliance next month, Mittal told Business Standard. Due to a confidentiality clause, he did not name the African countries but said the projects would be off-grid and mini-grid. “There is a huge opportunity, provided we can understand the regulatory risks and cover it with a risk mitigation plan,” said Mittal. The company would be taking an insurance wrapper for its bond issue. In 2016, Welspun Renewable Energy, co-founded by Mittal and B K Goenka, sold its renewable energy (RE) business to Tata Power Renewable Energy for Rs 92.49 billion. Mittal has now embarked upon expansion of RE capacity under Avaada. Besides, the EPC (engineering, procurement, construction) business of Welspun Energy was demerged and is now vested with Avaada Power.

Source: Business Standard