Avaada in talks with foreign banks to raise $700mn for SJVN solar-wind hybrid project

Avaada Group is in talks with several banks, including Standard Chartered and SMBC, to raise $700 million for a solar-wind hybrid project awarded by SJVN. The loan will have a 20-year tenure and a likely put option after five years. Mitsubishi UFJ Financial Group and DBS Bank are also participating lenders. The project has a 25-year PPA and is expected to start generating revenue in 2024.