Khaitan & Co led NaBFID’s Grant of ₹4,000 Crore to Avaada Group
The National Bank for Financing Infrastructure and Development (NaBFID) has sanctioned ₹4,471 crore to four Special Purpose Vehicles (SPVs) of Avaada Group to refinance existing lenders involved in a solar power project in Rajasthan. Khaitan & Co served as the legal counsel for NaBFID in this significant transaction.
NaBFID and Avaada Group
NaBFID: The National Bank for Financing Infrastructure and Development (NaBFID) is a key financial institution in India, established to support the development and financing of infrastructure projects across the country. It plays a crucial role in providing long-term finance for infrastructure projects, thereby fostering economic growth and development.
Avaada Group: Avaada Group is a leading player in the renewable energy sector in India, specializing in solar power projects. The group focuses on developing and operating large-scale solar power projects to promote sustainable energy solutions. Avaada Group is committed to contributing to India’s renewable energy goals and reducing carbon emissions.
Deal Details
NaBFID has sanctioned a total of ₹4,471 crore to four SPVs of Avaada Group for refinancing purposes related to their solar power project in Rajasthan.
The legal advisory for NaBFID was provided by Khaitan & Co, with the transaction team including Dr. Siddarth Srivastava (Partner), Rashneet Kaur (Principal Associate), Shobhit Batta (Senior Associate), and Anwesha Dasgupta (Senior Associate).
This refinancing deal involves four solar projects connected to the interstate transmission system, with a combined capacity of 1,700 MWp, marking one of the largest refinancing transactions in India’s renewable energy sector.
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