Indian integrated renewable energy company Avaada Group has raised $1.07 billion as part of its ongoing $1.3 billion fund raise plan for green hydrogen and green ammonia ventures, with global renewable energy investment manager Brookfield Renewable investing up to $1 billion.
Brookfield is investing this amount through its Brookfield Global Transition Fund (BGTF) in Avaada Ventures Private Limited.
The remaining $68 million has been committed by Global Power Synergy Public Company Limited (GPSC) in Avaada Energy Private Limited to help its release debt obligations and support the growth.
"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 Brookfield's Managing Director, Renewable Power & Transition, Nawal Saini.
A green energy developer, Avaada counts its portfolio to have grown to 4 GW, and it plans to reach 11 GW by 2026 and 30 GW by 2030, which it plans to utilize for green hydrogen and green ammonia projects. The green ammonia projects are being executed across multiple geographies, the company added.
It is also venturing into solar manufacturing of wafers, cells and modules to expand its footprint into the entire solar supply chain. Recently, it was one of the winners of tranche-II of Production Linked Incentive (PLI) for wafer, cell and module manufacturing (see India Allocates 39.6 GW PV Under PLI Tranche-II).
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