Renewable energy company Avaada Group has secured approximately $1.3 billion in financial closure for its 2.15 GW renewable energy portfolio.

The financing was approved by financial institutions such as the State Bank of India, REC, and Canara Bank, across four special-purpose vehicles. The portfolio includes 1.35 GW hybrid projects which will leverage solar and wind resources to supply power to Maharashtra State Electricity Distribution (MSEDCL).

The 800 MW solar portfolio will deliver renewable power to MSEDCL and Gujarat Urja Vikas Nigam (GUVNL) under long-term power purchase agreements.

Collectively, the projects will involve the development of more than 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.

Vineet Mittal, Chairman of Avaada Group, said that as the company continues to scale, its focus remains on deploying capital responsibly, commissioning these projects on schedule, and creating long-term value for all stakeholders.

Earlier in July, Avaada Group’s solar manufacturing arm Avaada Electro commissioned the first 3 GW production line at its planned 6 GW N-type TOPCon solar cell manufacturing facility in Butibori, Nagpur, Maharashtra.

According to the company, the facility is equipped with N-type TOPCon cell manufacturing technology capable of achieving cell efficiencies of up to 25.5% under standard test conditions. The production lines incorporate 16- and 18-busbar cell architectures, which the company said are designed to improve power density, reliability, and energy yield.

The development comes at a time when Indian solar cell manufacturing is lagging solar module production. While policy support through the Approved List of Modules and Manufacturers (ALMM) framework and production-linked incentives is driving growth, domestic cell output remains below market demand.

Speaking during the Mercom India Renewables Summit 2026, held in New Delhi between July 1 and 2, Prashant Choubey, President and Head of the green hydrogen/ammonia business at Avaada Group, said that while module assembly was relatively straightforward, cell manufacturing requires significantly greater capital, technical expertise, specialized chemicals, gases, precision equipment, and long-term patient investment.