Avaada raises USD 1 bn from Brookfield for manufacturing of green hydrogen, solar modules
Avaada Group, a green energy company, announced on Wednesday that it has raised USD1.07 billion to fund its green hydrogen and green ammonia operations in India as part of its continuing USD1.3 billion capital raise strategy.
According to the official news release, Brookfield Renewable will invest up to USD 1 billion in Avaada Energy, a subsidiary of Avaada Group, through its Brookfield Global Transition Fund. While Global Power Synergy Public Company will invest an additional USD68 million in Avaada Energy to relieve debt and encourage expansion.
It further stated that the Group is in advanced talks with potential investors to raise an additional USD200 million.
“The collaboration with Brookfield will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy… I’m also thankful to GPSC for their continued support,” said Vineet Mittal, chairperson and founder, of Avaada Group.
According to the press release, Avaada has also expanded its footprint into the solar PV supply chain by manufacturing solar cells and modules, and it presently operates a renewable energy portfolio of around 4 GW, with aspirations to grow to 11 GW by 2026.
The company has won a bid under the production-linked incentive (PLI) scheme to build a 3-GW capacity facility for the production of ingots, cells, and modules.
“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, managing director, of renewable power and transition, Brookfield.
The Brookfield Global Transition Fund prioritizes investments that speed the transition to a zero-carbon economy.
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Content Credit: ETAuto