CONTEXT:

• Avaada Energy Pvt Ltd raised ₹1,000 crore from investors such as the Asian Development Bank on 9 April 2019.
• The equity raised is for financing Avaada Energy’s 2.4 gigawatt (GW) renewable energy portfolio.
• Avaada Group is targeting a 5 GW capacity and has executed 2 GW of renewable energy project in India.

BACKGROUND

• India has been working on the largest clean energy programme and has an installed renewable energy capacity of 74.79GW. Of this solar and wind power accounts for 25.21GW and 35.14GW respectively.