Avaada Group has reached financial close for approximately USD1.3bn to support the development of a 2.15 GW renewable energy portfolio across Maharashtra and Gujarat, India (Avaada press release, 31/07/2026).
The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar capacity, developed through four special purpose vehicles (SPVs). The hybrid projects are intended to supply electricity to Maharashtra State Electricity Distribution Company Limited (MSEDCL), while the solar projects are planned to operate under long-term power purchase agreements with MSEDCL and Gujarat Urja Vikas Nigam Limited.
The portfolio is expected to deploy more than 3 GW of solar capacity and 450 MW of wind capacity across multiple sites in the two states. The company said the hybrid projects are designed to enhance power reliability and grid stability, while the solar assets are anticipated to supply competitively priced renewable electricity.
As of May 2026, Avaada reported a renewable energy portfolio of more than 17.7 GW, including 7.2 GW operational and 10.5 GW under construction projects.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.