Asian Development Bank (ADB) has inked an agreement to invest $50 million in solar energy project developer Avaada Energy Pvt Ltd to help the company scale up rapidly. The investment will come equally from ADB’s Ordinary Capital Resources and Leading Asia’s Private Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) administered by ADB. The project will contribute to the government to increase the share of renewable energy generation capacity from about 20 per cent in 2018 to 40 per cent by 2030. Operational since 2017, AEPL is a developer of the solar energy projects in India offering clean energy products, including utility scale, rooftop, and off-grid solar projects.