Avaada Group, a major integrated energy platform, closed the Rs 10,700 crore ($1.3 billion) fundraising round creating a milestone for India’s renewable energy sector.
As part of India’s sustainable future, Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation projects will receive support.
Avaada Group recently received a Rs 961 crore ($116.78 million) production-linked incentive for 3 GW of wafer-to-module capacity under the PLI Scheme. Avaada Energy Private Limited (AEPL) has won about 1.8 GW of corporate and utility tenders in the last three months. With these wins and the fundraising round, Avaada Group is well set to position itself as a leader in the renewable energy sector, underscoring its commitment to harnessing green energy for a sustainable future.
Brookfield Renewables’ Brookfield Global Transition Fund (BGTF) invested up to Rs 8,225 crore ($1 billion) in Avaada Ventures Private Limited. Global Power Synergy Public Company Limited (GPSC), a 42.93 percent shareholder in Avaada Energy Private Ltd. (AEPL), has pledged to invest Rs 1,917 crore ($233 million) in AEPL to support its growth. GPSC’s April investment of Rs 558 crore ($68 million) in AEPL brings its overall investment in Avaada to Rs 6,037 crore ($779 million).
Avaada Group makes green hydrogen, methanol, ammonia, solar cells, and modules. The corporation has 4 GW of renewable energy and 7 GW under construction.