Avaada Group receives a $233 million investment from Global Power Synergy Public

Avaada Group, a company that specialises in renewable energy, has raised $233 million from Global Power Synergy Public Company Limited (GPSC), a division of PTT Group in Thailand. With a 42.93% ownership stake in Avaada Energy Private Ltd. (AEPL), GPSC is a current shareholder. Avaada Group has completed its most recent financing, which totaled $1.3 billion (or 10,700 crore). 

The company had previously announced in April that it had received $1 billion from Brookfield Renewables via the Brookfield Global Transition Fund (BGTF). Avaada stated in a statement that the funds raised would be put to use in projects involving renewable energy production, solar manufacturing, green hydrogen, green methanol, and green ammonia. 

As part of the government's production linked incentive (PLI) programme, Avaada Group has also been awarded an incentive of 961 crore, or $116.78 million, for 3 GW of wafer-to-module capacity. According to the business, Avaada Energy Pvt Ltd. has won various tenders totaling over 1.8 GW in the last three months from both corporate clients and utilities.

With this most recent investment, GPSC has now invested around $6,037 crore $779 million in Avaada, following its earlier investment of $558 crore $68 million in AEPL in April. "This funding round marks a significant milestone in Avaada Group's journey and India's energy transition," stated Vineet Mittal, Chairperson and Founder of Avaada Group. We appreciate the help we have received from our investors and the Indian government, which has allowed us to fulfil our promise of a sustainable future and contribute to the global energy transition.

"Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026," stated Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC). The dedication of AEPL to the production of renewable energy is in line with our own priorities of sustainable growth and innovation.

The Avaada Group has increased its reach into the Solar PV supply chain by producing solar cell and module in addition to green hydrogen, green methanol, and green ammonia. The company now manages a 4 GW portfolio of renewable energy, while another 7 GW are in various phases of installation.