Avaada Group, a player in the energy transition sector in India, has successfully raised $1.07 billion to support its green hydrogen and green ammonia projects. This is part of the company's larger $1.3 billion fundraising plan, which aims to diversify into the manufacturing of green hydrogen, green ammonia, and solar PV.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), is investing up to $1 billion in Avaada Ventures Private Limited, while Global Power Synergy Public Company Limited (GPSC) will be investing $68 million in Avaada Energy Private Limited to support its growth and release its debt obligations.
Vineet Mittal, Chairperson, and Founder of Avaada Group, said: “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 the promise of a sustainable future for posterity.”
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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.”
The Avaada Group has a renewable energy portfolio of approximately 4 GW and aims to increase this to 11 GW by 2026. The latest funding will further strengthen the company's position in the global energy transition and its commitment to sustainable energy for the future.
