The Transformation Journey

Honoring Our Past, Embracing Our Future

Our Successful Journey

2009

Inception of the Energy Business.

2011

Commissioned 15 MW solar project in Gujarat, followed by 5 MW capacities across Rajasthan, Andhra Pradesh and Gujarat.

2012

Commissioned then India’s largest single location solar project i.e. 55 MW in Rajasthan. Another 30 MW solar project in Gujarat.

2013

Commissioned then Asia’s largest and the world’s second largest solar project of 151 MW in Madhya Pradesh. Collaborations with foremost global financial institutions Asian Development Bank, DEG and GE as equity investors.

2014

Our entry into self development of wind project with 126 MW Wind project in Rajasthan.

2016

Provided successful exit to investors with sale of operational portfolio of ~1.2 GW to Tata Power. Demerger and rechristening of company to Avaada Energy. Capacity addition of 300 MW in first year.

2017

Capacity addition of 300 MW in first year as Avaada Energy.

2018

Provided successful exit to the existing investors – ADB, DEG, FMO & Proparco.

2019

Awarded pipeline of ~2.2 GW of renewable energy projects developed. Equity fundraising of USD 150 Mn from Investors and Promoter’s family office.

2021

Equity fundraising of USD 454 Mn from GPSC – PTT Thailand. World’s largest single-location solar plant commissioned by any IPP – 1248 MW (DC) in Bikaner, Rajasthan.

2022

Installed a combined Renewable Energy capacity of 4 GW. Entered into the Solar Module Manufacturing business. Signed MoUs with various State Governments for Green Hydrogen and Green Ammonia production.