Avaada Group founder Vineet Mittal plans $750M refinancing of existing $1B credit facility. The solar developer is also considering an IPO for its cell unit, signaling sector confidence.
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Vineet Mittal, founder of Avaada Group, plans to raise $750 million from global lenders to refinance an existing $1 billion credit facility, people familiar with the matter said. Several international banks are in talks to underwrite the deal, the people added.
Avaada, backed by Brookfield Asset Management, is among India's largest solar power developers and is expanding into solar cell and module manufacturing. The refinancing comes as India pushes domestic solar production through import tariffs on cells and modules and a production-linked incentive scheme that rewards local manufacturing.
The deal signals growing lender confidence in India's solar supply chain, bankers following the discussions said. A successful refinancing at tighter terms would lower Avaada's cost of capital for its manufacturing expansion, which requires billions of dollars in investment over the next few years.
Separately, Avaada is considering an initial public offering for its solar cell unit, the people said. An IPO would provide a dedicated vehicle to fund the unit's capacity build-out, which includes a multi-gigawatt factory in Rajasthan. The company already has a manufacturing pipeline that positions it to capture a share of the domestic market created by the government's push for self-sufficiency.
The existing $1 billion facility was arranged in 2023. The new loan would extend maturities and likely reduce interest costs, the people said. For comparison, India's solar manufacturing sector is also being scaled by peers like Adani Green and Reliance Industries, though Avaada's Brookfield backing gives it a distinct capital advantage.
India's broader industrial manufacturing push, including in semiconductors and renewables, is drawing international capital. The refinancing and potential IPO together suggest Avaada sees a window of strong investor appetite for Indian energy infrastructure assets.
The terms of the new loan and the timeline for the solar cell unit IPO have not been disclosed. The company declined to comment further.
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