India’s Avaada Group has announced the successful closure of $1.3 billion (INR 10,700 crore) funding round. The funding is the largest equity round to be raised in the green energy sector in Asian continents.
Avaada Group will use the funding to boost its initiatives of green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation projects to achieve sustainability goals.
Avaada claims to be a leading business enterprise closely aligned with green energy and sustainable solutions for the wellbeing of all. As leader in renewable energy space, Avaada brings planet friendly solutions and innovations from solar manufacturing, green hydrogen and ammonia, sustainable aviation fuel, green methanol, as well as electrolyser manufacturing.
Vineet Mittal, Chairperson and Founder, Avaada Group, commented: “This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition. We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future.”
Investments, Funding and Projects by Avaada Group
Avaada Group had previously received a production-linked incentive of INR 961 crore ($116.78 million) for 3 GW of wafer-to-module capacity under the PLI Scheme.
Avaada Energy Private Limited has won several tenders, amounting to almost 1.8 GW, in the last three months from corporate customers and utilities.
Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has earlier committed to investing up to $1 billion in Avaada Ventures Private Limited.
In addition, Global Power Synergy Public Company Limited (GPSC), an existing shareholder with a 42.93% equity holding in Avaada Energy Private Ltd (AEPL), has pledged to increase its capital by investing an additional $233 million in AEPL, further supporting the company’s growth.
This follows GPSC’s previous investment of $68 million in AEPL in April, bringing their total investment in Avaada to around $779 million.
The company currently performs well in solar manufacturing as it initiates new work in the Green Ammonia to meet demand for clean fuel through a separate business vertical.
