Vineet 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. "Avaada
Group 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.
"Avaada Group is a key actor in India's energy revolution, developing a 'Sand to Molecule' business that is synchronised with the world's energy shift towards decarbonization. Vineet Mittal, Chairperson and Founder, Avaada Group, stated that the partnership with Brookfield "will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition."
Avaada has grown its portfolio to 4 GW in the five years since its founding, with goals to reach 11 GW by 2026 and 30 GW by 2030. With a $454 million investment in 2021, GPSC is a 42.9% equity partner in Avaada Energy, the renewable division of the Avaada Group. Avaada's solar manufacturing division is currently establishing a wafer, cell, and module manufacturing plant.
"This strategic partnership will leverage Brookfield's global track record, access to capital, and operational expertise alongside Avaada's strong local footprint, to enable their vision for the energy transition business," said Nawal Saini, Brookfield's managing director of renewable power and transition.
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