Avaada Group Bags US$1 Billion Funding for the Growth of its Renewable Energy Platform

India’s Avaada Group has raised US$1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing US$1.3 billion fund raise plan.

Mumbai-based Avaada Group is an integrated energy platform with business interests ranging from manufacturing solar cells, modules and electrolysers to renewable power generation, green hydrogen, and green ammonia production.

Avaada currently operates a renewable energy portfolio of ~4 GW with plans to reach 11 GW by 2026.

Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will be investing up to US$1 billion in Avaada Ventures Private Limited. In addition, Global Power Synergy Public Company Limited (GPSC) will also invest US$68 million in Avaada Energy Private Limited to release debt obligations and support growth. The Group is also in advanced discussions with potential investors to raise another US$200 million.

Vineet Mittal, Chairperson and Founder, Avaada Group commented: “I am delighted to welcome Brookfield to join us in our next phase of growth. 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."

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