- Avaada Group secures $1 billion for manufacturing of green hydrogen, solar PV modules and growth of its Brookfield renewable energy platform
It is part of his plan to attract 1.3 billion dollars.
MUMBAI, India, April 27, 2023 /PRNewswire/ -- Avaada Group today announced that it has raised $1.07 billion to finance its green hydrogen and ammonia projects in India, as part of its $1.3 billion fundraising plan. Dollars.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will invest up to $1 billion in Avaada Ventures Private Limited.
Global Power Synergy Public Company Limited ("GPSC"), will also invest $68 million in Avaada Energy Private Limited to release debt obligations and support growth.
The Group is also in advanced discussions with potential investors to raise another $200 million.
Avaada Group has future-proofed on the theme of the global energy transition and has diversified into green hydrogen and green ammonia manufacturing. The Group has also expanded its presence in the photovoltaic solar energy supply chain with the manufacture of solar cells and modules. Avaada currently has a renewable energy portfolio of about 4 GW, with plans to reach 11 GW by 2026.
Vineet Mittal, Chairman and Founder, Avaada Group commented: "Avaada Group is a leading energy transition company in India, building an integrated 'sand to molecule' business aligned with the global energy transition towards decarbonization. I am We are delighted to welcome Brookfield to join us in our next phase of growth.The collaboration will help us seize exciting opportunities as we play a key role in the exponential growth of sustainable energy and stay at the forefront of the global energy transition. I am also grateful to GPSC for their continued support in fulfilling our mission to offer the promise of a sustainable future for posterity."
Nawal Saini, Managing Director, Renewable Energy and Transition, Brookfield added, "We are pleased to invest in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate progress towards a net-zero carbon economy. This strategic partnership will leverage the Brookfield's global track record, access to capital and operating experience coupled with Avaada's strong local footprint, to enable its energy transition business vision Brookfield remains committed to supporting the next generation of clean energy technologies and contribute to India's aspirations to achieve a net zero carbon economy."
Avada Group:
Avaada Group, led by social entrepreneur Vineet Mittal, is an integrated energy platform with business interests ranging from manufacturing solar cells, modules and electrolysers to renewable energy generation, green hydrogen and green ammonia production. Avaada Energy, the flagship company of the Avaada Group, is India's fastest growing renewable energy PPI. In five years it has built an impressive 4 GW portfolio and the company expects to reach 11 GW in 2026 and 30 GW in 2030.
Avaada's solar manufacturing business is in advanced stages of developing a wafer, cell and module manufacturing facility. The group is also running green ammonia projects in multiple geographic areas.
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