Avaada Energy has appointed Bank of America to handle the process. The company has received offers from three potential investors
Mumbai-based Avaada Energy is looking to raise investments by selling some stake in the clean energy company. A report published by the Mint highlights that the company has received indicative term sheets from three potential investors.
The company has appointed Bank Of America to handle this process of investment raising by selling stake. Mint reported that the company is looking forward to sell 20 to 22 per cent of its stake.
Raising approx $220 million
Avaada Energy, as per the report, is looking to raise investment approximately worth $220 million by selling stake. The company had recently announced to invest in setting up a 350 MW plant in Maharasthra.
“At Avaada, we believe that business and sustainability go hand-in-hand. Being the leading Renewable Energy company of India, we are making significant investments in innovative clean energy solutions with a focus on solar energy sector. On the back of India’s green energy revolution led by Hon’ble PM Shri Narendra Modi, India will continue its exponential growth in its renewable energy (RE) sector,” Vineet Mittal, Chairman Avaada Group had said earlier.
Holding one GW of operational capacity and three GW in pipeline, the company is Vineet Mittal’s second company in the green energy space. India-based Tata Power had bought the entire 1.1 GW renewable energy portfolio of Welspun Energy Pvt. Ltd for $1.4 billion. Mittal was a co-founder in the Welspun Renewable team.
The team at Avaada Energy is targeting an extensive portfolio of 11 GW solar projects across Asia and Africa. Avaada has executed over two GW of renewable capacities across varied geographies in India.