Avaada Group founder and chairman Vineet Mittal is seeking to raise about $750 million from a group of global lenders to refinance existing debt linked to the clean-energy company, according to people familiar with the matter. The proposed financing comes as Avaada continues to expand its renewable energy operations across solar, wind and hybrid power projects in India.

Mittal is reportedly pursuing the financing through an entity and has appointed at least two banks, Barclays and DBS Bank, to underwrite the deal. The proceeds are expected to be used to repay a $1 billion credit facility provided by Brookfield in 2023 to Avaada Ventures. Discussions remain private, and the final structure and terms of the proposed financing have not yet been completed.

The new financing package is likely to be divided between an offshore loan and a rupee-denominated bond, with an expected tenure of around three years. Other global lenders, including Standard Chartered, Nomura and JPMorgan Chase, are also reportedly in talks to join the lending group. The dollar-denominated portion is expected to be priced over the secured overnight financing rate.

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Some lenders involved in the transaction may eventually sell portions of the loan to other investors. If completed, the financing would highlight continued international investor interest in India’s rapidly expanding renewable energy sector. The country is seeking large-scale investment as it works to reduce dependence on fossil fuels and increase the share of cleaner energy sources in its power capacity.

Avaada Group is among India’s fast-growing renewable energy developers and operates a portfolio spanning solar, wind and hybrid power projects. The company is backed by Brookfield Renewable Partners and is also considering a Mumbai initial public offering for Avaada Electro, its solar cell business. In 2023, the group raised $1.07 billion to support its green hydrogen and ammonia ventures.

Brookfield Renewable had earlier committed to investing up to $1 billion in Avaada Ventures as part of the group’s expansion plans. India has set a target of installing 500 gigawatts of non-fossil fuel capacity by 2030 and achieving net-zero emissions by 2070, driving billions of dollars in green investment. Avaada Group and some of the banks involved did not immediately comment, while several other potential lenders declined to respond.

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