Avaada Group founder Vineet Mittal is seeking a $750 million loan from Barclays, DBS and others to refinance a Brookfield credit facility, signaling strong global interest in India’s renewable energy push.
The founder of Avaada Group, one of India’s larger clean-energy developers, is lining up a roughly $750 million loan from a group of global lenders. Vineet Mittal, who also chairs the Brookfield Renewable Partners-backed company, has mandated Barclays Plc and DBS Bank to underwrite the package, according to people familiar with the matter.
The proceeds would repay a $1 billion credit facility Brookfield issued in 2023 to Avaada Ventures Pvt. The new financing is expected to be split between an offshore loan and a rupee-denominated bond, with a tenor of about three years. Standard Chartered Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. are also in talks to join the lender group, the people said.
If completed, the deal would signal continued global investor appetite for India’s renewable energy push. The country has set a 500-gigawatt non-fossil fuel capacity target by 2030 and a net-zero emissions goal for 2070, drawing billions in green investment. Avaada itself is among India’s fastest-growing developers in the space, with a portfolio spanning solar, wind and hybrid projects. It is also weighing a Mumbai IPO for its solar cell unit, Avaada Electro.
The dollar loan portion will price over the secured overnight financing rate. Some lenders are expected to eventually “down-sell” the exposure to other investors, the people said. In 2023, the group raised $1.07 billion to fund green hydrogen and ammonia ventures, with Brookfield committing up to $1 billion to Avaada Ventures.
Avaada Group, Barclays and JPMorgan didn’t immediately reply to requests for comment. DBS Bank, Standard Chartered and Nomura declined to comment.
For banks like Barclays (BCS) and JPMorgan (JPM), the deal adds a large, structured financing in a high-growth sector. India’s renewable energy financing is attracting global lenders as the government accelerates its energy transition. The refinancing also frees up Brookfield’s capital for new commitments. Whether the structure holds at a three-year tenor in an uncertain rate environment remains a question for the arranging banks.
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