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India’s Avaada belts $1B funding for its green hydrogen, Solar PV modules projects

Photo Credit: Avaada

Avaada Group, an integrated energy platform, said that it has secured $1.07B in funding from Brookfield Renewable and the Global Power Synergy Public Company (GPSC) to develop its green hydrogen and green ammonia operations in India.

Brookfield Renewable will invest up to $1B in Avaada Ventures through its Brookfield Global Transition Fund (BGTF), according to a company release.

The Global Power Synergy Public Company (GPSC) will also invest $68M in Avaada Energy to release debt obligations and boost expansion, according to the company.

This fund collaboration is part of Avaada Group’s $1.3B fundraising effort.

According to the firm, it is also in advanced talks with possible investors to raise another $200M.

Increasing presence in PV supply chain

Avaada Group has also increased its presence in the solar PV supply chain by manufacturing solar cells and modules. Avaada now operates a 4 GW renewable energy portfolio, with intentions to expand to 11 GW by 2026.

Founded in 2009 by Vineet Mittal, Avaada Group is an integrated energy platform with interests ranging from solar cell, module, and electrolyzer manufacturing to renewable energy generation, green hydrogen, and green ammonia production. It has built a 4 GW portfolio in five years and intends to grow to 11 GW by 2026 and 30 GW by 2030.

Vineet Mittal, Chairperson and Founder, Avaada Group commented, “Avaada Group is a leading player in energy transition in India, building an integrated ‘Sand to molecule’ business aligned for the global energy transition towards decarbonization. I am delighted to welcome Brookfield to join us in our next phase of growth. The collaboration 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. I’m also thankful to GPSC for their continued support in fulfilling our mission of delivering promise of a sustainable future for posterity.”

Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy. 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. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net-zero aspirations. “

Avaada has won a bid under the production-linked incentive (PLI) plan to build 3 GW of ingots, cells, and modules.

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