Avaada Energy, the clean energy arm of Avaada Group and a solar project developer, said on Tuesday it had received Rs 1,000-crore investments for financing its 2.4 Gega Watt (GW) renewable energy portfolio of the targeted 5 GW capacity. The equity infusion was split between Asian Development Bank, DEG— a German Development Finance Institution, Netherlands Development Finance Company FMO and promoter’s equity.

In March this year, ADB had indicated that it signed an agreement to invest $50 million in Avaada Energy to help the company rapidly scale up photovoltaic solar energy generation capacity in India.

“The investment will come equally from ADB’s Ordinary Capital Resources and Leading Asia’s Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency, which is administered by ADB,” it had said.

Avaada Energy, which claims it has executed more than 2 GW renewable projects till date, also pointed out that it was targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa of which about 2.4 GW capacities are currently under implementation.

Vineet Mittal, chairman at Avaada Group, was the founder and managing director of Welspun Energy. In 2016, Tata Power acquired Welspun Energy’s subsidiary, Welspun Renewables Energy for about $1.4 billion. Avaada Energy is his second venture in the renewables space.

In a phone conversation with FE, Mittal indicated that his firm had built a considerable pipeline of projects. “In May 2017, we started Avaada Energy which was the demerged EPC business of Welspun Energy. Now, we have built a large pipeline of projects in India and Africa. In Africa, we are in multiple countries where we work mainly with the governments,” he said.

Mittal also pointed out that the funds raised will be largely used in India. “We have put funds from the promoter’s side in the Africa business. So, from this current round, nothing really will go to Africa,” he said. The firm is also looking to expand further in Asia, including Vietnam and Cambodia.

“We look for opportunities everywhere in India where it makes commercial sense for us to get a proper return. Africa is largely a market where our execution and expertise in India is very helpful. We are now looking at Cambodia and Vietnam as well,” Mittal said.