NEW DELHI: It's deal time in India’s green energy space. In what will rank among the largest renewable energy deals in India, Vineet Mittal-promoted Avaada Energy Private Ltd. plans to raise around $220 million by selling stake in the clean energy firm, said two people aware of the development. Avaada Energy has appointed Bank of America (BofA) to run the stake sale process, and has received three indicative term sheets for the same. With 1 gigawatt (GW) of operational capacity and a 3 GW pipeline, Avaada Energy is Mittal’s second innings in the green energy space after Tata Power bought the entire 1.1 GW renewable energy portfolio of Welspun Energy Ltd for $1.4 billion. “Three indicative term sheets have been received for the stake sale in Avaada Energy Pvt Ltd. Bank of America is running the sales process for the stake sale.

Source: Mint September 28, 2020 08:26 UTC