India’s Avaada Group has amassed a whopping $1.07 billion from Brookfield to expand its green hydrogen and green ammonia ventures.
The investment, being routed through Brookfield Global Transition Fund, is a part of the company’s larger $1.3-billion fundraising plan that is currently underway.
Separately, Global Power Synergy Public Company Limited, which is a part of Thailand-headquartered state utility PTT, will invest another $68 million in Avaada Energy, the flagship company of the Avaada Group.
PTT became a strategic investor in Avaada in mid-2021.
Established in 2009, Avaada Group is one of the leading energy transition companies in India with business interests spanning in solar module manufacturing, electrolyser manufacturing, and green Ammonia production.
The group is currently also in talks with a slew of investors to raise another $200 million.
Avaada Group is currently in the process of executing an integrated solar manufacturing plant with a facility to produce polysilicon, wafer, cells, and modules. The plant’s first phase consisting of cells and modules will be operational this year – it will cater to the domestic and international markets.
Brookfield, which focuses on direct control investments in real estate, renewable power, infrastructure, credit and private equity, has about $800 billion in assets under management. It recently made headlines when it acquired a 51% stake in CleanMax Enviro (CleanMax Solar), which supplies renewable energy to commercial and industrial establishments.