Vineet Mittal, Chairperson and Founder, Avaada Group. (Photo: Twitter/@TheVineetMittal)
HYDERABAD: Avaada Group, which is into manufacturing solar cells, modules and electrolysers, renewable power generation, green hydrogen, and green ammonia production, announced that it has raised $ 1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing $ 1.3bn fund raise plan.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will be investing up to $ 1 billion in Avaada Ventures. Global Power Synergy Public Company Limited will further invest $ 68 million in Avaada Energy for releasing debt obligations and supporting the growth.
The Group is also in discussions with potential investors to raise another $ 200 million. The Group operates a renewable energy portfolio of 4GW with plans to reach 11GW by 2026, said a release.
"The collaboration will support us in pursuing opportunities as we play a critical role in meeting the exponential growth of sustainable energy," said Vineet Mittal, Chairperson and Founder, Avaada Group.
"Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net-zero aspirations," said Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield.