Avaada announces $2.44 bn REC funding for energy transition projects

Avaada, a provider of renewable energy, and the state-owned power finance corporation Rural Electrification Corp. (REC) inked a letter of understanding to assist Avaada's energy transition initiatives with an investment of Rs 20,000 crore. The Memorandum of Understanding (MoU) was signed in Goa in conjunction with the ETWG's fourth meeting.

In the coming years, Avaada will use the REC investment to launch its renewable energy projects across India. Green hydrogen and its derivatives, the production of solar photovoltaic (PV), and a variety of solar, wind, and hybrid projects are some of these endeavours.

"The significant support from REC underscores Avaada's unwavering dedication to a greener and more sustainable future for India." Through its renewable business, Avaada Energy, the Indian integrated energy corporation Avaada Group maintains a variety of sizable renewable projects all around the country. To serve both the home and foreign markets, the business has also entered the green hydrogen/ammonia market.

Avaada recently completed a $1.3 billion fundraising round, which included a $1 billion investment from Canadian asset management company Brookfield. With GPSC of Thailand, a member of the PTT Group, providing $300 million as well, this money is intended to strengthen its green hydrogen and derivative business.