Avaada Group raises $1.07 bn to fund its green hydrogen venture
The Group is also in advanced discussions with potential investors to raise another $200 mn
image for illustrative purpose
• Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will be investing up to $1 bn in Avaada Ventures
• The Global Power Synergy Public Company Ltd (GPSC), will further invest $68 mn
New Delhi: Integrated energy platform Avaada Group on Wednesday said it has tied-up $1.07 billion capital from Brookfield Renewable and the Global Power Synergy Public Company Ltd (GPSC) to fund its green hydrogen and green ammonia ventures in India.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will be investing up to $1 billion in Avaada Ventures Pvt Ltd, a company statement said.
The Global Power Synergy Public Company Ltd (GPSC), will further invest $68 million in Avaada Energy Private Ltd for releasing debt obligations and supporting the growth, it added. This fund tie-up is part of the $1.3 billion fund raise plan of Avaada Group. The Group is also in advanced discussions with potential investors to raise another $200 million, it informed. The 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 cells and modules.
"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 the promise of a sustainable future for posterity," Vineet Mittal, Chairperson and Founder, Avaada Group said. Avaada currently operates a renewable energy portfolio of 4 GW with plans to reach 11 GW by 2026. Avaada has recently won a bid under the Production-Linked Incentive (PLI) scheme launched by the government for setting up 3 GW ingots, cell, and module manufacturing facilities.
"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," Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield said.
