This is part of its US$ 1.3 bn fund raise plan
MUMBAI, India, April 27, 2023 /PRNewswire/ -- Avaada Group today 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 Private Limited.
Global Power Synergy Public Company Limited ("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.
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.
Vineet Mittal, Chairperson and Founder, Avaada Group commented: "Avaada Group is a leading player in energy transition in India, building an integrated 'Sand to molecule' business aligned for the global energy transition towards decarbonization. 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."
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."
Social entrepreneur Vineet Mittal-led 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 Group's flagship company Avaada Energy is India's fastest-growing renewable energy IPP. Within five years, it has developed an impressive portfolio of 4 GW and the firm plans to reach 11 GW by 2026 and 30 GW by 2030.
The solar manufacturing business of Avaada is in the advanced stages of developing a manufacturing facility for wafer, cell, and modules. The group is also executing Green Ammonia projects across multiple geographies.