Avaada Group Secures $1B From Brookfield For Renewable Energy Expansion
Avaada Group on Wednesday announced that it has raised US $ 1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing US$ 1.3bn fund raise plan.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will be investing up to US $ 1 billion in Avaada Ventures.
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 promise of a sustainable future for posterity.”
Global Power Synergy Public Company (GPSC) will further invest US $ 68 million in Avaada Energy Private Limited for releasing debt obligations and supporting the growth.
The Group is also in advanced discussions with potential investors to raise another US$ 200 million.
Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy. 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 Group has become future-ready in the global Energy Transition theme and has diversified into manufacturing of Green Hydrogen, Green Ammonia. The Group has also expanded its footprint into the Solar PV supply chain with manufacturing of solar cell and module. Avaada currently operates a renewable energy portfolio of ~4 GW with plans to reach 11 GW by 2026.
