Giriraj Renewable Private Limited
Giriraj Renewable Private Limited is a project company, which was established to build, own and operate solar power projects and supply power via long term power purchase agreements to Federal and state power distri-bution companies and Commercial and Industrial end-users.
The project company targets to reach 4,500 MW of capacity by 2022 with a geographically and off-taker-wise diversified portfolio of mainly solar projects.
The project company is 100% owned by Avaada Power Private Limited. Avaada Power Private Limited pro-vides renewable energy services. The Company offers, develops and manages wind and solar projects. Avaada Power serves customers in India.
The funding will be applied for the construction, operation and maintenance of the targeted 4,500 MW renewable energy projects.
Reasons for financing
The project makes a valuable contribution to improve the electricity supply in India.
The transaction is expected to contribute most strongly to the following core categories of development:
It will reduce the power deficit that impedes growth and affects quality of life in India and diversifies existing generation mix by harnessing indigenous resources, reducing dependence on imported fuel, increasing energy security and balance of payment.
The environment will benefit through reduction of GHG emissions
The investment will improve environmental and social standards and increases the generation of local income.