MAY 20238Vineet Mittal-led Avaada Group, as part of its current $1.3 billion fund-raising effort, the company has raised $1.07 billion to support its green hydrogen and green ammonia operations in India. Avaada Ventures Private Limited will receive an investment from Brookfield Renewable through its Brookfield Global Transition Fund (BGTF) of up to $1 billion.The investor, Brookfield, signed a contract on April 10 to invest up to $1 billion in Avaada, and the first tranche of $400 million has already been paid out. Avaada Energy Private Limited will get an additional $68 million investment from Global Power Synergy Public Company Limited (GPSC), a unit of Thailand's public utility PTT, in order to pay down debt and boost expansion. In order to raise an additional US$ 200 million, the group is also in advanced talks with possible investors. "AvaadaGroup has expanded into the production of green ammonia and hydrogen to become future-ready in the global energy transition topic. The Group has increased its presence throughout the Solar PV supply chain by producing solar cells and modules. Avaada presently manages a 4 GW renewable energy portfolio and intends to increase that to 11 GW by 2026, according to the statement. Avaada recently won a bid for the construction of a 3 GW ingot, cell, and module production plant under the Production Linked Incentive (PLI) scheme. Essar Oil and Gas Exploration and Production Ltd (EOGEPL) would add another Rs.2,000 crore to its coal bed methane project in West Bengal's Raniganj over the next 18 to 24 months. The company previously spent Rs.5,000 crore developing 350 wells in the Raniganj block, producing about 0.9 million metric standard cubic metres (mmscd) of gas daily. Pankaj Kalra, the chief executive officer (CEO) of EOGEPL, told PTI that an additional investment of Rs.2,000 crore will be made to made to drill 200 additional wells over the course of the following 18 to 24 months. We are using the most recent technology in the existing wells to quickly increase production from 0.9 mmscd to 1.3 mmscd. When the extra wells start producing CBM, total CBM production from Ranigunj would reach close to three mmscd, Kalra stated. According to him, the company currently contributes around 65 percent of the nation's total CBM production, and with the drilling of the further wells, that percentage is projected to reach 90 percent. Two shale gas wells, another type of unconventional hydrocarbon, will also be dug at Raniganj in 2023 as a pilot project, after which a thorough assessment would be carried out, according to Kalra.When the production of CBM from Raniganj is ramped up, the company's yearly contribution to the state exchequer, which is currently 150 crore rupees, will likely increase to 300 crore rupees. The official added that because CBM is an unconventional source of energy, China and Australia are supporting its production in both nations by providing subsidies to the industry in order to attract more investors. CBM has the potential to replace 10 to 30 percent of the yearly need for LNG imports in the foreseeable future, lowering import costs. TOP STORIESESSAR TO FUND RS.2,000 CRORE IN BENGAL'S BROWNFIELD CBM PROJECTBROOKFIELD RENEWABLE TO INVEST $1 BILLION IN AVAADA GROUP
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