The company has received $1 billion in finance from Brookfield for the production of Green Hydrogen, Solar PV modules, and the expansion of its Renewable Energy platform
As part of its continuing US$ 1.3 billion fund raising effort, Avaada Group today disclosed that it has raised US$ 1.07 billion to finance its green hydrogen and green ammonia initiatives in India.
Avaada Ventures Private Limited will receive an investment from Brookfield Renewable through its Brookfield Global Transition Fund (BGTF) of up to $1 billion USD.
Vineet Mittal, Chairperson and Founder, Avaada Group commented, “The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition. I’m also thankful to GPSC for their continued support in fulfilling our mission of delivering the promise of a sustainable future for posterity.”
In order to pay off debt and assist expansion, Global Power Synergy Public Company Limited ("GPSC") would invest an additional US $ 68 million in Avaada Energy Private Limited.
In order to finance an additional US$ 200 million, the Group is also in advanced talks with possible investors.
The Avaada Group has expanded into the production of green hydrogen and green ammonia in order to be future-ready for the global energy transition issue. The group has increased its presence throughout the solar PV supply chain by producing solar cells and modules. Avaada now manages a renewable energy portfolio of about 4 GW, and by 2026, they hope to increase it to 11 GW.
Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “This strategic partnership will leverage Brookfield’s global track record, access to capital, and operational expertise alongside Avaada’s strong local footprint, to enable their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net-zero aspirations. “
Avaada recently won a contract for the construction of a 3 GW ingot, cell, and module production plant under the Production Linked Incentive (PLI) scheme introduced by the Government of India.