New Delhi: Avaada Group, a green energy firm, on Wednesday said it has raised USD1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing USD1.3-billion fund raise plan.
According to the official press release, Brookfield Renewable, through its Brookfield Global Transition Fund, will be investing up to USD1 billion in Avaada Energy, an arm of Avaada Group. While Global Power Synergy Public Company, will further invest USD68 million in Avaada Energy for releasing debt obligations and supporting the growth.
It added that the Group is also in advanced discussions with potential investors to raise another USD200 million.
“The collaboration with Brookfield will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy… I’m also thankful to GPSC for their continued support,” said Vineet Mittal, chairperson and founder, Avaada Group.
Avaada has also expanded its footprint into the solar PV supply chain with manufacturing of solar cells and modules and currently operates a renewable energy portfolio of about 4 GW with plans to reach 11 GW by 2026, added the press release.
The company has recently won a bid under the production-linked incentive (PLI) scheme for setting up a facility of 3-GW capacity for manufacturing of ingots, cells, and modules.
“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,” said Nawal Saini, managing director, renewable power and transition, Brookfield.
The Brookfield Global Transition Fund focuses on investments that accelerate the progress to a net-zero carbon economy.
